Spotify Technology (NYSE:SPOT) Given New $330.00 Price Target at Macquarie

Spotify Technology (NYSE:SPOT) had its target price hoisted by Macquarie from $300.00 to $330.00 in a research note published on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other analysts have also issued reports on the stock. HSBC began coverage on shares of Spotify Technology in a research note on Wednesday, March 27th. They issued a buy rating and a $310.00 target price for the company. UBS Group upped their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research note on Friday, April 5th. KeyCorp upped their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research note on Friday, April 12th. Rosenblatt Securities upped their target price on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. Finally, Morgan Stanley upped their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a research note on Monday. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

SPOT opened at $289.20 on Monday. The company’s fifty day moving average price is $270.61 and its two-hundred day moving average price is $217.74. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping 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 firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the company posted ($1.24) earnings per share. Equities analysts forecast that Spotify Technology will post 3.97 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. MONECO Advisors LLC lifted its holdings in shares of Spotify Technology by 0.7% in the first quarter. MONECO Advisors LLC now owns 13,234 shares of the company’s stock worth $3,492,000 after buying an additional 93 shares in the last quarter. Lindbrook Capital LLC lifted its holdings in shares of Spotify Technology by 35.6% in the first quarter. Lindbrook Capital LLC now owns 278 shares of the company’s stock worth $73,000 after buying an additional 73 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of Spotify Technology in the first quarter worth about $237,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Spotify Technology by 168.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,456 shares of the company’s stock worth $2,495,000 after buying an additional 5,937 shares in the last quarter. Finally, Simplicity Wealth LLC purchased a new stake in Spotify Technology in the first quarter valued at approximately $456,000. 84.09% of the stock is owned by hedge funds and other 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.