Spotify Technology (NYSE:SPOT) Price Target Increased to $350.00 by Analysts at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its price objective upped by Morgan Stanley from $270.00 to $350.00 in a report issued on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also issued reports on SPOT. TheStreet upgraded shares of Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Benchmark upped their target price on Spotify Technology from $290.00 to $325.00 and gave the company a buy rating in a research note on Thursday, April 18th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $280.00 to $320.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the company a buy rating in a research note on Monday. Finally, HSBC initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They issued a buy rating and a $310.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $281.34 on Monday. The firm’s 50-day moving average is $269.74 and its two-hundred day moving average is $217.24. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30. The company has a market capitalization of $55.80 billion, a PE ratio of -95.05 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted 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. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same quarter in the prior year, the company earned ($1.24) EPS. On average, analysts forecast that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Institutional investors have recently bought and sold shares of the business. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the period. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology in the fourth quarter valued at about $29,000. GAMMA Investing LLC bought a new position in Spotify Technology during the fourth quarter worth about $32,000. Lindbrook Capital LLC grew its position in shares of 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 buying an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $40,000. 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.