Spotify Technology (NYSE:SPOT) Price Target Raised to $400.00

Spotify Technology (NYSE:SPOT) had its target price lifted by Pivotal Research from $390.00 to $400.00 in a research report report published on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on SPOT. Macquarie upped their target price on Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a research report on Monday. Loop Capital increased their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a research report on Monday. KeyCorp increased their price objective on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Bank of America increased their price objective on Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Finally, Rosenblatt Securities increased their price objective on Spotify Technology from $300.00 to $315.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $289.20 on Tuesday. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The business has a 50-day moving average price of $270.61 and a 200 day moving average price of $217.74.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations 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 earned ($1.24) EPS. As a group, sell-side analysts expect that Spotify Technology will post 3.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently bought and sold shares of SPOT. Wellington Management Group LLP increased its stake in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after purchasing an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group increased its position in Spotify Technology by 303.4% during 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 in the last quarter. Artisan Partners Limited Partnership increased its position in Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after buying an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after buying an additional 523,237 shares in the last quarter. Finally, Norges Bank purchased a new position in Spotify Technology during the fourth quarter worth $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.