Guggenheim Raises Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by analysts at Guggenheim from $290.00 to $350.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 24.24% from the company’s current price.

Other equities analysts have also issued reports about the stock. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a research note on Wednesday, February 7th. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley raised their price objective on Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a report on Monday. Macquarie raised their price objective on Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a report on Monday. Finally, Canaccord Genuity Group raised their price objective on Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a report on Monday. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $301.81.

Spotify Technology Stock Performance

NYSE SPOT traded down $21.59 on Wednesday, reaching $281.72. The company had a trading volume of 6,607,623 shares, compared to its average volume of 2,160,573. The firm has a market capitalization of $55.87 billion, a price-to-earnings ratio of -96.07 and a beta of 1.63. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The company’s fifty day moving average is $269.00 and its 200-day moving average is $216.78.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. During the same period in the prior year, the business earned ($1.24) EPS. On average, research analysts forecast that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Trading of Spotify Technology

Institutional investors have recently modified their holdings of the business. First Horizon Advisors Inc. boosted its position in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after acquiring an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology during the fourth quarter valued at $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology during the fourth quarter valued at $32,000. Lindbrook Capital LLC boosted its position in Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Spotify Technology during the first quarter valued at $40,000. 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.