JPMorgan Chase & Co. Boosts Spotify Technology (NYSE:SPOT) Price Target to $365.00

Spotify Technology (NYSE:SPOT) had its price target raised by stock analysts at JPMorgan Chase & Co. from $320.00 to $365.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 30.07% from the company’s current price.

Several other research firms have also issued reports on SPOT. Rosenblatt Securities lifted their price objective on Spotify Technology from $315.00 to $396.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group lifted their price objective on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 5th. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective for the company in a research note on Wednesday, February 7th. HSBC began coverage on Spotify Technology in a research note on Wednesday, March 27th. They set a “buy” rating and a $310.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $290.85.

Spotify Technology Stock Performance

NYSE:SPOT traded down $22.70 during trading hours on Wednesday, reaching $280.61. The stock had a trading volume of 4,708,982 shares, compared to its average volume of 2,135,399. The stock has a 50 day simple moving average of $269.00 and a 200 day simple moving average of $216.78. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30. The stock has a market cap of $55.65 billion, a P/E ratio of -96.36 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same period last year, the business posted ($1.24) earnings per share. On average, equities analysts expect that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SPOT. First Horizon Advisors Inc. grew its holdings in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the period. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $32,000. Lindbrook Capital LLC grew its holdings in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth approximately $40,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.