Canaccord Genuity Group Boosts Spotify Technology (NYSE:SPOT) Price Target to $330.00

Spotify Technology (NYSE:SPOT) had its price target increased by Canaccord Genuity Group from $315.00 to $330.00 in a research report sent to investors on Monday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

SPOT has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a report on Wednesday, April 17th. UBS Group lifted their price objective on Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research report on Friday, April 5th. HSBC began coverage on Spotify Technology in a research report on Wednesday, March 27th. They issued a buy rating and a $310.00 price objective for the company. Barclays lifted their price objective on Spotify Technology from $270.00 to $335.00 and gave the stock an overweight rating in a research report on Wednesday, April 10th. Finally, Raymond James lifted their price objective on Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a research report on Monday, April 15th. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Up 2.8 %

Spotify Technology stock opened at $289.20 on Monday. The stock has a 50-day simple moving average of $270.61 and a 200 day simple moving average of $217.74. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30. The stock has a market capitalization of $57.36 billion, a price-to-earnings ratio of -431.64 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the business posted ($1.24) earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 3.52 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Advisors Inc. grew its position in Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $32,000. Lindbrook Capital LLC raised its stake in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology during the first quarter valued at approximately $40,000. 84.09% of the stock is owned by 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.