Guggenheim Raises Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by investment analysts at Guggenheim from $290.00 to $350.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 24.24% from the company’s current price.

A number of other analysts have also recently weighed in on SPOT. DZ Bank upgraded shares of 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. Raymond James increased their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Benchmark increased their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Loop Capital increased their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Stock Performance

Spotify Technology stock traded down $21.59 during midday trading on Wednesday, hitting $281.72. 6,607,623 shares of the company’s stock were exchanged, compared to its average volume of 2,160,573. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The firm has a 50-day moving average of $269.00 and a two-hundred day moving average of $216.78. The company has a market cap of $55.87 billion, a PE ratio of -96.07 and a beta of 1.63.

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. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the business earned ($1.24) EPS. As a group, equities analysts expect that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds have recently modified their holdings of the company. Lindbrook Capital LLC grew its holdings in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. Signaturefd LLC grew its holdings in shares of Spotify Technology by 4.4% in the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after purchasing an additional 51 shares during the period. Summit Trail Advisors LLC lifted its position in Spotify Technology by 3.5% in the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after buying an additional 56 shares during the last quarter. Private Trust Co. NA lifted its position in Spotify Technology by 18.4% in the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after buying an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN lifted its position in Spotify Technology by 6.7% in the fourth quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock valued at $180,000 after buying an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.