Spotify Technology (NYSE:SPOT) Price Target Increased to $375.00 by Analysts at Benchmark

Spotify Technology (NYSE:SPOT) had its price objective boosted by research analysts at Benchmark from $325.00 to $375.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target points to a potential upside of 23.57% from the company’s current price.

Several other research analysts have also recently commented on SPOT. The Goldman Sachs Group raised their target price on Spotify Technology from $235.00 to $277.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Morgan Stanley raised their target price on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday. HSBC started coverage on Spotify Technology in a research report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 target price for the company. Loop Capital lifted their price objective on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a report on Monday. Finally, JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $281.62.

Spotify Technology Price Performance

Shares of SPOT stock opened at $303.48 on Wednesday. The stock has a market cap of $60.19 billion, a P/E ratio of -102.53 and a beta of 1.63. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The stock has a fifty day moving average price of $269.00 and a 200 day moving average price of $216.78.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. Spotify Technology’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned ($1.43) earnings per share. Equities research analysts anticipate that Spotify Technology will post 3.5 EPS for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of SPOT. First Horizon Advisors Inc. increased 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 acquiring an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $32,000. Lindbrook Capital LLC increased 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 acquiring an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $40,000. 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.