Spotify Technology (NYSE:SPOT) PT Raised to $370.00 at Bank of America

Spotify Technology (NYSE:SPOT) had its price objective boosted by Bank of America from $315.00 to $370.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the subject of several other research reports. Macquarie boosted their target price on shares of Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a research note on Monday. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. UBS Group upped their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research note on Friday, April 5th. Morgan Stanley increased their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a report on Monday. Finally, KeyCorp increased their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a report on Friday, April 12th. Eight 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 company currently has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Down 7.2 %

Spotify Technology stock opened at $281.34 on Wednesday. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30. The firm’s 50-day simple moving average is $269.74 and its 200 day simple moving average is $217.24. The firm has a market capitalization of $55.80 billion, a PE ratio of -419.90 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the previous year, the company posted ($1.24) EPS. On average, research analysts expect that Spotify Technology will post 3.52 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several large investors have recently bought and sold shares of SPOT. Technology Crossover Management XI Ltd. grew its position in shares of 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 buying an additional 344,841 shares in the last quarter. Nordea Investment Management AB grew its position in shares of 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 buying an additional 18,105 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of 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 buying an additional 78,609 shares in the last quarter. GSA Capital Partners LLP grew its position in shares of 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 buying an additional 11,664 shares in the last quarter. Finally, Rheos Capital Works Inc. grew its position in shares of Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after buying an additional 72,000 shares in the last quarter. 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.