Spotify Technology (NYSE:SPOT) PT Raised to $355.00

Spotify Technology (NYSE:SPOT) had its target price upped by HSBC from $310.00 to $355.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HSBC’s price objective suggests a potential upside of 26.01% from the stock’s previous close.

A number of other research analysts also recently commented on SPOT. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a research report on Wednesday. Pivotal Research lifted their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their price objective on shares of Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $301.81.

Spotify Technology Stock Down 7.1 %

SPOT traded down $21.59 during trading hours on Wednesday, hitting $281.72. 6,607,623 shares of the company’s stock were exchanged, compared to its average volume of 2,160,573. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The stock’s 50-day moving average is $269.00 and its two-hundred day moving average is $216.78. The stock has a market cap of $55.87 billion, a price-to-earnings ratio of -96.07 and a beta of 1.63.

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

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Lindbrook Capital LLC grew its holdings in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the last quarter. Signaturefd LLC grew its holdings in Spotify Technology by 4.4% during the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after acquiring an additional 51 shares during the last quarter. Summit Trail Advisors LLC grew its holdings in Spotify Technology by 3.5% during the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after acquiring an additional 56 shares during the last quarter. Private Trust Co. NA grew its holdings in Spotify Technology by 18.4% during the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after acquiring an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN grew its holdings in Spotify Technology by 6.7% during the 4th quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock worth $180,000 after acquiring an additional 60 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

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.