Spotify Technology (NYSE:SPOT) PT Raised to $375.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its target price boosted by Benchmark from $325.00 to $375.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently issued reports on the stock. Raymond James boosted 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. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a report on Monday, April 22nd. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Pivotal Research boosted their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a report on Tuesday, April 23rd. Finally, Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Price Performance

Spotify Technology stock opened at $289.59 on Wednesday. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $319.30. The firm has a fifty day moving average price of $271.48 and a two-hundred day moving average price of $219.09.

Spotify Technology (NYSE:SPOT) last released 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 0.80% and a negative return on equity of 4.39%. During the same quarter in the previous year, the business earned ($1.24) EPS. Analysts forecast that Spotify Technology will post 4.49 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Large investors have recently added to or reduced their stakes in the company. Impact Partnership Wealth LLC acquired a new position in shares of Spotify Technology during the third quarter worth approximately $43,000. Exchange Traded Concepts LLC lifted its position in shares of Spotify Technology by 122.0% during the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock worth $1,205,000 after purchasing an additional 4,283 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Spotify Technology by 774.6% during the third quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock worth $17,465,000 after purchasing an additional 100,026 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in shares of Spotify Technology by 87.7% during the third quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock worth $7,702,000 after purchasing an additional 23,272 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of Spotify Technology by 0.9% during the third quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock worth $3,939,000 after purchasing an additional 236 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

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.