Spotify Technology (NYSE:SPOT) PT Raised to $350.00

Spotify Technology (NYSE:SPOT) had its target price upped by analysts at Barclays from $335.00 to $350.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 21.02% from the company’s current price.

Other equities analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft lifted their target price on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. The Goldman Sachs Group boosted their price objective on Spotify Technology from $277.00 to $317.00 and gave the stock a “neutral” rating in a research report on Wednesday. Loop Capital boosted their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday. Bank of America boosted their price objective on Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, Pivotal Research boosted their price objective on Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $301.81.

Spotify Technology Stock Up 2.8 %

Shares of SPOT stock opened at $289.20 on Wednesday. The business has a 50 day moving average of $270.61 and a two-hundred day moving average of $217.74. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30. The company has a market cap of $57.36 billion, a P/E ratio of -431.64 and a beta of 1.63.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Lindbrook Capital LLC increased its holdings in shares of Spotify Technology by 35.6% in the first quarter. Lindbrook Capital LLC now owns 278 shares of the company’s stock valued at $73,000 after buying an additional 73 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in shares of Spotify Technology in the first quarter valued at $237,000. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Spotify Technology by 168.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,456 shares of the company’s stock valued at $2,495,000 after buying an additional 5,937 shares in the last quarter. Simplicity Wealth LLC bought a new position in shares of Spotify Technology in the first quarter valued at $456,000. Finally, Spire Wealth Management increased its holdings in shares of Spotify Technology by 93.1% in the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after buying an additional 95 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

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.