Spotify Technology (NYSE:SPOT) Price Target Raised to $350.00 at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its target price increased by equities research analysts at Morgan Stanley from $270.00 to $350.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 29.72% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company upped their price objective 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 increased their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, April 5th. HSBC began coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They set a “buy” rating and a $310.00 price target for the company. Benchmark upped their price objective on shares of Spotify Technology from $290.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday. Finally, KeyCorp upped 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. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $270.81.

Spotify Technology Trading Down 2.2 %

Shares of NYSE SPOT traded down $6.01 during midday trading on Monday, hitting $269.82. The company’s stock had a trading volume of 1,314,643 shares, compared to its average volume of 1,924,581. The stock has a fifty day moving average price of $266.94 and a 200 day moving average price of $214.97. Spotify Technology has a one year low of $128.67 and a one year high of $313.16. The firm has a market capitalization of $53.51 billion, a price-to-earnings ratio of -91.16 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results 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 net margin of 4.01% and a negative return on equity of 23.43%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the company earned ($1.43) EPS. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Future Financial Wealth Managment LLC bought a new stake in Spotify Technology during the 1st quarter worth approximately $40,000. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology during the 4th quarter worth approximately $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology during the 4th quarter worth approximately $32,000. First Horizon Advisors Inc. raised its stake in Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the period. Finally, Lindbrook Capital LLC raised its stake in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the period. Hedge funds and other 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.