Spotify Technology (NYSE:SPOT) PT Raised to $420.00

Spotify Technology (NYSE:SPOT) had its price target upped by research analysts at Guggenheim from $400.00 to $420.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 26.86% from the company’s previous close.

A number of other research firms also recently issued reports on SPOT. Morgan Stanley raised their price objective on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a report on Wednesday. Raymond James raised their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Piper Sandler reissued a “neutral” rating and issued a $320.00 price objective (up previously from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a report on Wednesday. Finally, Barclays raised their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $353.15.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $0.28 during trading hours on Wednesday, reaching $331.07. The company had a trading volume of 4,297,999 shares, compared to its average volume of 1,982,679. The business has a fifty day moving average price of $309.21 and a 200-day moving average price of $275.23. Spotify Technology has a one year low of $129.23 and a one year high of $346.23. The firm has a market cap of $62.97 billion, a PE ratio of -492.37, a price-to-earnings-growth ratio of 0.78 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping 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 firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the business posted ($1.24) earnings per share. Equities research analysts forecast that Spotify Technology will post 5 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently modified their holdings of the stock. Clearbridge Investments LLC lifted its stake in shares of Spotify Technology by 0.6% in the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after purchasing an additional 38 shares during the last quarter. Cigna Investments Inc. New lifted its stake in shares of Spotify Technology by 3.3% in the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after purchasing an additional 40 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Lindbrook Capital LLC lifted its stake in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Spotify Technology by 4.4% during the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after acquiring an additional 51 shares during the last quarter. 84.09% of the stock is owned by 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.