Spotify Technology (NYSE:SPOT) PT Raised to $310.00 at Citigroup

Spotify Technology (NYSE:SPOT) had its price objective boosted by Citigroup from $255.00 to $310.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 3.80% from the stock’s previous close.

Several other research firms have also issued reports on SPOT. Canaccord Genuity Group lifted their price target on Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $320.00 to $365.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Morgan Stanley increased their target price on Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Bank of America boosted their price target on Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $306.42.

Spotify Technology Trading Up 0.2 %

Shares of SPOT opened at $298.65 on Tuesday. Spotify Technology has a 1-year low of $129.23 and a 1-year high of $319.30. The firm’s 50-day moving average price is $277.33 and its 200-day moving average price is $226.31. The firm has a market capitalization of $56.80 billion, a price-to-earnings ratio of -445.74 and a beta of 1.61.

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, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the prior year, the company earned ($1.24) EPS. On average, research analysts forecast that Spotify Technology will post 4.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in shares of Spotify Technology by 3.6% during the third quarter. Bank of New York Mellon Corp now owns 342,235 shares of the company’s stock valued at $52,923,000 after purchasing an additional 11,876 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Spotify Technology by 4.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,343 shares of the company’s stock valued at $10,259,000 after buying an additional 2,611 shares in the last quarter. SeaBridge Investment Advisors LLC increased its stake in Spotify Technology by 1.6% in the 3rd quarter. SeaBridge Investment Advisors LLC now owns 24,838 shares of the company’s stock worth $3,841,000 after acquiring an additional 389 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Spotify Technology by 19.3% during the 3rd quarter. TD Asset Management Inc now owns 504,179 shares of the company’s stock worth $77,966,000 after acquiring an additional 81,429 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after acquiring an additional 117 shares during the last quarter. 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.