Spotify Technology (NYSE:SPOT) Given New $365.00 Price Target at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT) had its target price lifted by JPMorgan Chase & Co. from $320.00 to $365.00 in a research note published on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities analysts also recently weighed in on the company. Loop Capital lifted their target price on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a research report on Monday. HSBC assumed coverage on Spotify Technology in a research report on Wednesday, March 27th. They issued a buy rating and a $310.00 target price for the company. TheStreet raised Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Benchmark lifted their target price on Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a research report on Wednesday. Finally, DZ Bank raised Spotify Technology from a sell rating to a hold rating and set a $240.00 target price for the company in a research report on Wednesday, February 7th. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Trading Down 7.2 %

Shares of NYSE:SPOT opened at $281.34 on Wednesday. The business has a 50-day moving average price of $269.74 and a 200 day moving average price of $217.24. The company has a market capitalization of $55.80 billion, a price-to-earnings ratio of -419.90 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 data 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 firm 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 4.91% and a negative net margin of 0.80%. During the same period last year, the company earned ($1.24) EPS. As a group, equities research analysts predict that Spotify Technology will post 3.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently added to or reduced their stakes in the business. Technology Crossover Management XI Ltd. lifted its stake in Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after purchasing an additional 344,841 shares during the last quarter. Nordea Investment Management AB lifted its stake in Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after purchasing an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after purchasing an additional 78,609 shares during the last quarter. GSA Capital Partners LLP lifted its stake in Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after purchasing an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. lifted its stake in Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after buying an additional 72,000 shares during the last quarter. 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.