Canaccord Genuity Group Raises Spotify Technology (NYSE:SPOT) Price Target to $330.00

Spotify Technology (NYSE:SPOT) had its price target hoisted by Canaccord Genuity Group from $315.00 to $330.00 in a research note issued to investors on Monday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other analysts also recently issued research reports about the company. Pivotal Research raised their price target on Spotify Technology from $330.00 to $390.00 and gave the stock a buy rating in a report on Friday, April 5th. DZ Bank raised Spotify Technology from a sell rating to a hold rating and set a $240.00 price target on the stock in a report on Wednesday, February 7th. Barclays raised their price target on Spotify Technology from $270.00 to $335.00 and gave the stock an overweight rating in a report on Wednesday, April 10th. Macquarie restated an outperform rating and issued a $300.00 target price (up from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. Finally, TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Down 7.2 %

NYSE:SPOT opened at $281.34 on Monday. The business’s 50 day moving average is $269.74 and its two-hundred day moving average is $217.24. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30. The company has a market cap of $55.80 billion, a PE ratio of -95.05 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 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 for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same quarter last year, the business posted ($1.24) EPS. As a group, sell-side analysts expect that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently modified their holdings of SPOT. First Horizon Advisors Inc. boosted its stake in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter worth $29,000. GAMMA Investing LLC acquired a new stake in shares of Spotify Technology in the fourth quarter worth $32,000. Lindbrook Capital LLC boosted its position in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Spotify Technology in the first quarter worth $40,000. 84.09% of the stock is owned by institutional investors.

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.