Barclays Boosts Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its price objective raised by Barclays from $335.00 to $350.00 in a research note released on Wednesday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts also recently issued reports on SPOT. UBS Group upped their price target on Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research report on Friday, April 5th. TheStreet raised Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an overweight rating in a report on Wednesday. Loop Capital upped their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a report on Monday, April 22nd. Finally, Bank of America lifted their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Up 0.2 %

Shares of SPOT stock opened at $289.59 on Wednesday. The stock’s 50-day moving average is $271.48 and its 200 day moving average is $219.09. 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 results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period last year, the business earned ($1.24) EPS. On average, analysts forecast that Spotify Technology will post 4.49 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Wellington Management Group LLP boosted its stake in shares of Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after acquiring an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group raised its holdings in Spotify Technology by 303.4% in the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares during the period. Artisan Partners Limited Partnership raised its holdings in Spotify Technology by 194.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $92,429,000. Institutional investors and hedge funds 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.