Spotify Technology (NYSE:SPOT) PT Raised to $340.00

Spotify Technology (NYSE:SPOT) had its target price raised by analysts at Deutsche Bank Aktiengesellschaft from $260.00 to $340.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 17.57% from the stock’s current price.

Several other research firms have also recently weighed in on SPOT. Barclays increased their price objective on Spotify Technology from $270.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, April 10th. TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Wells Fargo & Company raised their target price on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Macquarie reaffirmed an “outperform” rating and issued a $300.00 target price (up from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. Finally, Rosenblatt Securities raised their target price on Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $265.24.

Spotify Technology Price Performance

Shares of SPOT opened at $289.20 on Wednesday. The business’s 50-day moving average is $266.24 and its 200-day moving average is $213.35. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $313.16. The company has a market capitalization of $57.36 billion, a price-to-earnings ratio of -97.70 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company posted ($1.43) earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. Equities research analysts expect that Spotify Technology will post 3.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in SPOT. Norges Bank acquired a new stake in Spotify Technology in the fourth quarter valued at about $123,027,000. Wellington Management Group LLP grew its stake in Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after purchasing an additional 1,133,305 shares during the period. Schroder Investment Management Group grew its stake 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 purchasing an additional 989,243 shares during the period. Artisan Partners Limited Partnership grew its stake 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 purchasing an additional 741,955 shares during the period. Finally, Point72 Asset Management L.P. grew its stake in Spotify Technology by 1,069.2% during the fourth quarter. Point72 Asset Management L.P. now owns 630,004 shares of the company’s stock worth $49,739,000 after purchasing an additional 695,004 shares during the period. Institutional investors 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.