Spotify Technology (NYSE:SPOT) Price Target Increased to $425.00 by Analysts at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT) had its price objective increased by research analysts at JPMorgan Chase & Co. from $375.00 to $425.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 25.83% from the company’s previous close.

Several other brokerages have also recently commented on SPOT. HSBC upped their target price on shares of Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Benchmark reiterated a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a report on Monday. TD Cowen raised their target price on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday. Bank of America upped their price target on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Finally, Loop Capital lifted their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $348.33.

Spotify Technology Trading Up 2.1 %

Shares of SPOT traded up $6.98 during trading hours on Wednesday, hitting $337.77. 2,700,516 shares of the stock traded hands, compared to its average volume of 1,972,290. The business has a fifty day moving average of $309.21 and a 200-day moving average of $275.23. The firm has a market capitalization of $64.24 billion, a PE ratio of -505.18, a price-to-earnings-growth ratio of 0.78 and a beta of 1.59. Spotify Technology has a 1-year low of $129.23 and a 1-year high of $346.23.

Spotify Technology (NYSE:SPOT) last released 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. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the prior year, the company posted ($1.24) EPS. As a group, equities research analysts expect that Spotify Technology will post 5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its position in shares of Spotify Technology by 410.2% in 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 in the last quarter. Evoke Wealth LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth about $2,271,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after acquiring an additional 18,731 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Spotify Technology by 1,500.5% in the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after acquiring an additional 65,768 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after acquiring an additional 12,192 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.