Spotify Technology (NYSE:SPOT) Price Target Raised to $350.00 at Guggenheim

Spotify Technology (NYSE:SPOT) had its target price raised by Guggenheim from $290.00 to $350.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Guggenheim currently has a buy rating on the stock.

Several other research firms have also issued reports on SPOT. Benchmark raised their price target on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a buy rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Spotify Technology from $260.00 to $340.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. Bank of America raised their price target on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a buy rating in a research report on Wednesday. DZ Bank upgraded shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target on the stock in a research report on Wednesday, February 7th. Finally, HSBC raised their price target on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a buy rating in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Price Performance

Shares of SPOT opened at $281.34 on Wednesday. The company has a market capitalization of $55.80 billion, a PE ratio of -419.90 and a beta of 1.63. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The company’s fifty day moving average price is $269.74 and its 200 day moving average price is $217.24.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. During the same quarter last year, the firm posted ($1.24) EPS. Analysts anticipate that Spotify Technology will post 3.52 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of SPOT. Impact Partnership Wealth LLC bought a new position in shares of Spotify Technology in the third quarter worth about $43,000. Exchange Traded Concepts LLC raised its stake in shares of Spotify Technology by 122.0% during the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock worth $1,205,000 after buying an additional 4,283 shares during the last quarter. ARK Investment Management LLC raised its stake in shares of Spotify Technology by 774.6% during the third quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock worth $17,465,000 after buying an additional 100,026 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Spotify Technology by 87.7% during the third quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock worth $7,702,000 after buying an additional 23,272 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its stake in shares of Spotify Technology by 0.9% during the third quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock worth $3,939,000 after buying an additional 236 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.