JPMorgan Chase & Co. Raises Spotify Technology (NYSE:SPOT) Price Target to $365.00

Spotify Technology (NYSE:SPOT) had its price target increased by JPMorgan Chase & Co. from $320.00 to $365.00 in a report published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research analysts have also commented on the stock. Barclays raised their price objective on shares of Spotify Technology from $270.00 to $335.00 and gave the company an overweight rating in a research note on Wednesday, April 10th. UBS Group raised their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research note on Friday, April 5th. Bank of America raised their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Pivotal Research raised their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research note on Tuesday. Finally, Loop Capital raised their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a research note on Monday, April 22nd. Eight 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, the stock has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Trading Up 0.2 %

Shares of NYSE:SPOT opened at $289.68 on Wednesday. The firm’s 50 day moving average is $271.48 and its two-hundred day moving average is $218.66. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30. The firm has a market capitalization of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the business earned ($1.24) earnings per share. Analysts predict that Spotify Technology will post 3.97 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Wellington Management Group LLP boosted its stake in shares of Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after buying an additional 1,133,305 shares during the period. Schroder Investment Management Group boosted its stake in shares of Spotify Technology by 303.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after buying an additional 989,243 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of Spotify Technology by 194.7% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after buying an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after buying an additional 523,237 shares during the period. Finally, Norges Bank acquired a new stake in shares of Spotify Technology during the 4th quarter valued at $92,429,000. 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.