Spotify Technology (NYSE:SPOT) PT Raised to $350.00 at Barclays

Spotify Technology (NYSE:SPOT) had its target price increased by analysts at Barclays from $335.00 to $350.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 24.03% from the stock’s current price.

Several other brokerages have also recently issued reports on SPOT. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective for the company in a research note on Wednesday, February 7th. Pivotal Research boosted their price objective on Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. Benchmark boosted their price target on Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday. Raymond James boosted their price target on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. boosted their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an “overweight” rating in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $291.42.

Spotify Technology Price Performance

Spotify Technology stock traded down $21.13 during midday trading on Wednesday, reaching $282.18. The company’s stock had a trading volume of 5,711,644 shares, compared to its average volume of 2,148,342. The stock’s 50-day simple moving average is $269.00 and its 200-day simple moving average is $216.78. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The stock has a market capitalization of $55.96 billion, a P/E ratio of -95.13 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 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the business posted ($1.24) earnings per share. As a group, equities research analysts expect that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the stock. Lindbrook Capital LLC increased its holdings in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Spotify Technology by 4.4% in the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in shares of Spotify Technology by 3.5% in the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after acquiring an additional 56 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after acquiring an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN increased its holdings in shares of Spotify Technology by 6.7% in the 4th quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock valued at $180,000 after acquiring 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.