Macquarie Increases Spotify Technology (NYSE:SPOT) Price Target to $330.00

Spotify Technology (NYSE:SPOT) had its price objective boosted by equities researchers at Macquarie from $300.00 to $330.00 in a report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price target would indicate a potential upside of 8.74% from the stock’s current price.

A number of other research firms have also weighed in on SPOT. Raymond James upped their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Barclays lifted their price objective on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. Bank of America increased their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective on the stock in a report on Wednesday, February 7th. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $276.58.

Spotify Technology Stock Performance

NYSE SPOT opened at $303.48 on Monday. The stock has a 50 day moving average price of $269.00 and a 200-day moving average price of $216.78. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The company has a market capitalization of $60.19 billion, a P/E ratio of -102.53 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate 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 return on equity of 23.43% and a negative net margin of 4.01%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.43) earnings per share. As a group, equities analysts predict that Spotify Technology will post 3.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. increased its holdings in 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 purchasing an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the fourth quarter worth $29,000. GAMMA Investing LLC acquired a new stake in Spotify Technology in the fourth quarter valued at $32,000. Lindbrook Capital LLC boosted its stake in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Spotify Technology during the 1st quarter worth $40,000. Institutional investors and hedge funds 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.