Barclays Boosts Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by Barclays from $335.00 to $350.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

SPOT has been the topic of a number of other reports. JPMorgan Chase & Co. upped their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an overweight rating in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $277.00 to $317.00 and gave the company a neutral rating in a report on Wednesday. KeyCorp boosted their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a report on Friday, April 12th. Piper Sandler reissued a neutral rating and set a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a report on Wednesday. Finally, Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the company a buy rating in a report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Trading Up 0.2 %

Shares of SPOT stock opened at $289.68 on Wednesday. The business’s fifty day simple moving average is $271.48 and its 200-day simple moving average is $218.66. The company has a market cap of $57.45 billion, a PE ratio of -432.35 and a beta of 1.63. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the prior year, the firm posted ($1.24) earnings per share. On average, equities analysts forecast that Spotify Technology will post 3.97 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its position in shares of Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after purchasing an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group raised its holdings in Spotify Technology by 303.4% in the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after acquiring an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in Spotify Technology by 194.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after acquiring an additional 741,955 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Spotify Technology by 16.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after buying an additional 523,237 shares during the period. Finally, Norges Bank purchased a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $92,429,000. 84.09% of the stock is owned by hedge funds and other 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.