Spotify Technology (NYSE:SPOT) Given New $320.00 Price Target at Raymond James

Spotify Technology (NYSE:SPOT) had its price objective lifted by Raymond James from $260.00 to $320.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research analysts have also recently commented on SPOT. Wells Fargo & Company upped their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $171.00 to $195.00 and gave the stock a neutral rating in a research report on Tuesday, January 9th. Macquarie restated an outperform rating and issued a $300.00 target price (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. TheStreet upgraded shares of Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Finally, Rosenblatt Securities increased their price objective on shares of Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a report on Wednesday, February 7th. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $265.24.

Spotify Technology Stock Down 1.5 %

Shares of NYSE:SPOT opened at $289.20 on Monday. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $313.16. The firm has a 50-day simple moving average of $266.24 and a 200 day simple moving average of $213.35. The company has a market cap of $57.36 billion, a PE ratio of -97.70 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted 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. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned ($1.43) EPS. Spotify Technology’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology will post 3.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. lifted its position in Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology in the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $32,000. Quarry LP purchased a new stake in Spotify Technology in the 2nd quarter worth approximately $35,000. Finally, LM Advisors LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors 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.