Spotify Technology (NYSE:SPOT) Given New $400.00 Price Target at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price target lifted by Pivotal Research from $390.00 to $400.00 in a report published on Tuesday, MarketBeat Ratings reports. Pivotal Research currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Raymond James lifted their price objective on 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 lifted their price objective on Spotify Technology from $235.00 to $277.00 and gave the stock a neutral rating in a report on Wednesday, April 17th. Benchmark lifted their price objective on Spotify Technology from $290.00 to $325.00 and gave the stock a buy rating in a report on Thursday, April 18th. Canaccord Genuity Group lifted their price objective on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a report on Monday, April 22nd. Finally, DZ Bank upgraded Spotify Technology from a sell rating to a hold rating and set a $240.00 price objective on the stock in a report on Wednesday, February 7th. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Performance

Shares of SPOT opened at $289.68 on Tuesday. The business’s 50-day moving average is $271.48 and its two-hundred day moving average is $218.66. The company has a market capitalization of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $319.30.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The firm had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the firm earned ($1.24) EPS. Analysts forecast that Spotify Technology will post 3.97 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in SPOT. First Horizon Advisors Inc. grew its position in shares of Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology in the 4th quarter worth $29,000. GAMMA Investing LLC acquired a new position in Spotify Technology in the 4th quarter worth $32,000. Lindbrook Capital LLC lifted its holdings in Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Spotify Technology in the 1st quarter worth $40,000. 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.