Spotify Technology (NYSE:SPOT) Price Target Raised to $250.00

Spotify Technology (NYSE:SPOT) had its price target hoisted by Loop Capital from $165.00 to $250.00 in a research report sent to investors on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other brokerages also recently issued reports on SPOT. KeyCorp boosted their price objective on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Wells Fargo & Company boosted their price objective on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. Barclays boosted their price objective on Spotify Technology from $270.00 to $335.00 and gave the stock an overweight rating in a research report on Wednesday, April 10th. Raymond James upped their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a research report on Monday, April 15th. Finally, Canaccord Genuity Group upped their target price on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Trading Up 2.8 %

Shares of NYSE SPOT opened at $289.20 on Monday. The stock has a 50 day simple moving average of $270.61 and a 200-day simple moving average of $217.74. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the previous year, the firm posted ($1.24) earnings per share. As a group, equities analysts forecast that Spotify Technology will post 3.97 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several large investors have recently added to or reduced their stakes in SPOT. State of Alaska Department of Revenue raised its stake in Spotify Technology by 1.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 39,114 shares of the company’s stock valued at $6,048,000 after purchasing an additional 570 shares during the period. Impact Partnership Wealth LLC acquired a new stake in Spotify Technology during the 3rd quarter valued at $43,000. Rheos Capital Works Inc. acquired a new stake in Spotify Technology during the 3rd quarter valued at $5,412,000. Exchange Traded Concepts LLC raised its stake in Spotify Technology by 122.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock valued at $1,205,000 after purchasing an additional 4,283 shares during the period. Finally, ARK Investment Management LLC raised its stake in Spotify Technology by 774.6% during the 3rd quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock valued at $17,465,000 after purchasing an additional 100,026 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

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.