HSBC Increases Spotify Technology (NYSE:SPOT) Price Target to $355.00

Spotify Technology (NYSE:SPOT) had its price objective increased by HSBC from $310.00 to $355.00 in a research note published on Wednesday, Benzinga reports. HSBC currently has a buy rating on the stock.

A number of other research analysts have also recently weighed in on SPOT. Macquarie lifted their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a report on Monday, April 22nd. Raymond James upped their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a research note on Monday, April 15th. TheStreet upgraded shares of Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Loop Capital upped their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a report on Monday, April 22nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $320.00 to $365.00 and gave the stock an overweight rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $289.68 on Wednesday. The firm has a market cap of $57.45 billion, a PE ratio of -432.35 and a beta of 1.63. The firm’s 50 day simple moving average is $271.48 and its 200-day simple moving average is $218.66. Spotify Technology has a one year low of $128.67 and a one year high of $319.30.

Spotify Technology (NYSE:SPOT) last released 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. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the company earned ($1.24) earnings per share. Equities research analysts predict that Spotify Technology will post 3.97 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Technology Crossover Management XI Ltd. grew its position in Spotify Technology by 36.2% during the 3rd quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after purchasing an additional 344,841 shares during the last quarter. Nordea Investment Management AB grew its position in Spotify Technology by 7.9% during the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after purchasing an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Spotify Technology by 410.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after purchasing an additional 78,609 shares during the last quarter. GSA Capital Partners LLP grew its position in Spotify Technology by 452.4% during the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after purchasing an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. grew its position in Spotify Technology by 205.7% during the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after purchasing an additional 72,000 shares during the last quarter. 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.