Bank of America Increases Spotify Technology (NYSE:SPOT) Price Target to $370.00

Spotify Technology (NYSE:SPOT) had its target price boosted by analysts at Bank of America from $315.00 to $370.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 29.35% from the stock’s previous close.

A number of other equities research analysts have also recently commented on SPOT. Raymond James lifted their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a research note on Wednesday. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Finally, Piper Sandler reiterated a “neutral” rating and set a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $293.54.

Spotify Technology Stock Down 5.7 %

Spotify Technology stock traded down $17.26 during mid-day trading on Wednesday, reaching $286.05. 6,088,898 shares of the company’s stock were exchanged, compared to its average volume of 2,152,180. The business’s fifty day simple moving average is $269.00 and its 200 day simple moving average is $216.78. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The firm has a market capitalization of $56.73 billion, a PE ratio of -96.05 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating 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 company had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the prior year, the business earned ($1.24) earnings per share. On average, sell-side analysts forecast that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its position in 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. Wellington Management Group LLP boosted its holdings in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after purchasing an additional 1,133,305 shares during the period. AMF Tjanstepension AB grew its stake in shares of Spotify Technology by 1.3% in the third quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock worth $313,146,000 after purchasing an additional 25,000 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Spotify Technology by 11.5% during the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock valued at $296,376,000 after purchasing an additional 197,368 shares during the period. Finally, Artisan Partners Limited Partnership raised its position in Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after purchasing an additional 277,733 shares during the last quarter. 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.