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

Spotify Technology (NYSE:SPOT) had its target price hoisted by Morgan Stanley from $270.00 to $350.00 in a report released on Monday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

SPOT has been the topic of several other reports. Rosenblatt Securities increased their price objective on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a research note on Friday, February 9th. Bank of America boosted their price objective on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a report on Wednesday, March 20th. DZ Bank raised Spotify Technology from a sell rating to a hold rating and set a $240.00 target price on the stock in a report on Wednesday, February 7th. Finally, Macquarie reissued an outperform rating and issued a $300.00 price target (up from $232.00) on shares of Spotify Technology in a report on Wednesday, February 7th. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Trading Down 7.2 %

NYSE:SPOT opened at $281.34 on Monday. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30. The company has a market cap of $55.80 billion, a PE ratio of -95.05 and a beta of 1.63. The company’s 50 day moving average is $269.74 and its two-hundred day moving average is $217.24.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. During the same period in the previous year, the firm posted ($1.24) earnings per share. As a group, analysts expect that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its stake in Spotify Technology by 168.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,456 shares of the company’s stock worth $2,495,000 after purchasing an additional 5,937 shares during the last quarter. Simplicity Wealth LLC purchased a new position in shares of Spotify Technology in the first quarter worth about $456,000. Spire Wealth Management boosted its position in Spotify Technology by 93.1% during the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock worth $52,000 after acquiring an additional 95 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Spotify Technology by 55.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 151,747 shares of the company’s stock valued at $40,046,000 after acquiring an additional 53,976 shares in the last quarter. Finally, Global Retirement Partners LLC raised its holdings in Spotify Technology by 90.5% in the 1st quarter. Global Retirement Partners LLC now owns 383 shares of the company’s stock valued at $101,000 after acquiring an additional 182 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.