Raymond James Boosts Spotify Technology (NYSE:SPOT) Price Target to $320.00

Spotify Technology (NYSE:SPOT) had its price objective upped by Raymond James from $260.00 to $320.00 in a report issued on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages also recently commented on SPOT. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. Macquarie reiterated an outperform rating and set a $300.00 target price (up previously from $232.00) on shares of Spotify Technology in a research note on Wednesday, February 7th. UBS Group boosted their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research note on Friday, April 5th. Morgan Stanley boosted their target price on shares of Spotify Technology from $250.00 to $270.00 and gave the stock an overweight rating in a research note on Wednesday, February 7th. Finally, DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target for the company in a research report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of Moderate Buy and a consensus target price of $263.84.

Spotify Technology Stock Down 1.5 %

NYSE:SPOT opened at $293.68 on Monday. The company has a fifty day simple moving average of $265.25 and a two-hundred day simple moving average of $212.82. The company has a market cap of $58.25 billion, a price-to-earnings ratio of -99.22 and a beta of 1.63. Spotify Technology has a 52 week low of $128.67 and a 52 week 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 the consensus estimate of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.43) earnings per share. On average, analysts expect that Spotify Technology will post 3.51 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds have recently made changes to their positions in SPOT. Pitcairn Co. lifted its position in Spotify Technology by 2.1% in the fourth quarter. Pitcairn Co. now owns 2,070 shares of the company’s stock valued at $389,000 after purchasing an additional 43 shares during the period. Lindbrook Capital LLC lifted its position in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. Signaturefd LLC lifted its position in Spotify Technology by 4.4% in the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after purchasing an additional 51 shares during the period. Summit Trail Advisors LLC lifted its position in Spotify Technology by 3.5% in the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after purchasing an additional 56 shares during the period. Finally, Private Trust Co. NA lifted its position in Spotify Technology by 18.4% in the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds 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.