Brokerages Set Spotify Technology S.A. (NYSE:SPOT) Price Target at $306.81

Spotify Technology S.A. (NYSE:SPOTGet Free Report) has been assigned an average recommendation of “Moderate Buy” from the twenty-seven brokerages that are presently covering the firm, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $306.81.

A number of analysts recently weighed in on SPOT shares. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $396.00 price objective on shares of Spotify Technology in a report on Tuesday, June 4th. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. HSBC increased their price objective on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Finally, Macquarie increased their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd.

Check Out Our Latest Analysis on SPOT

Hedge Funds Weigh In On Spotify Technology

Large investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in shares of Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the period. GQG Partners LLC acquired a new position in shares of Spotify Technology in the first quarter worth about $610,040,000. Acadian Asset Management LLC boosted its holdings in shares of Spotify Technology by 11.5% in the third quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock worth $296,376,000 after buying an additional 197,368 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Spotify Technology by 24.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after buying an additional 277,733 shares during the period. Finally, Schroder Investment Management Group boosted its holdings in shares of Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after buying an additional 989,243 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $306.03 on Friday. The firm’s 50-day moving average is $300.08 and its 200-day moving average is $250.96. Spotify Technology has a 1 year low of $129.23 and a 1 year high of $331.08. The company has a market cap of $58.21 billion, a P/E ratio of -456.76 and a beta of 1.61.

Spotify Technology (NYSE:SPOTGet Free Report) last posted 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. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the firm posted ($1.24) EPS. As a group, sell-side analysts predict that Spotify Technology will post 4.93 earnings per share for the current year.

About Spotify Technology

(Get Free Report

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.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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