Spotify Technology (NYSE:SPOT) Price Target Raised to $340.00

Spotify Technology (NYSE:SPOT) had its price objective boosted by investment analysts at Deutsche Bank Aktiengesellschaft from $260.00 to $340.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 15.17% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $280.00 to $320.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. KeyCorp lifted their price target on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Morgan Stanley lifted their price objective on shares of Spotify Technology from $250.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Finally, HSBC assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 27th. They issued a “buy” rating and a $310.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $263.84.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded down $2.87 during mid-day trading on Wednesday, hitting $295.21. 905,398 shares of the stock were exchanged, compared to its average volume of 1,896,762. The company has a market capitalization of $58.55 billion, a P/E ratio of -100.00 and a beta of 1.63. The company has a 50-day simple moving average of $264.19 and a 200 day simple moving average of $212.25. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $313.16.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. Spotify Technology’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.43) EPS. Analysts predict that Spotify Technology will post 3.51 EPS for the current year.

Institutional Trading of Spotify Technology

Hedge funds have recently added to or reduced their stakes in the business. Technology Crossover Management XI Ltd. lifted its stake in Spotify Technology by 36.2% in the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after purchasing an additional 344,841 shares during the last quarter. Nordea Investment Management AB lifted its stake in Spotify Technology by 7.9% in the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after purchasing an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after acquiring an additional 78,609 shares during the last quarter. GSA Capital Partners LLP raised its stake in shares of Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after acquiring an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. raised its stake in shares of Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after acquiring an additional 72,000 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Company Profile

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.