Spotify Technology (NYSE:SPOT) Given New $370.00 Price Target at Bank of America

Spotify Technology (NYSE:SPOT) had its price objective increased by Bank of America from $315.00 to $370.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also commented on SPOT. The Goldman Sachs Group increased their price objective on Spotify Technology from $277.00 to $317.00 and gave the company a neutral rating in a research report on Wednesday. Morgan Stanley increased their price objective on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research report on Monday, April 22nd. Benchmark increased their price objective on Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a research report on Wednesday. Raymond James raised 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, Rosenblatt Securities raised their price target on Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Trading Up 0.2 %

Shares of Spotify Technology stock opened at $289.68 on Wednesday. The firm has a market capitalization of $57.45 billion, a PE ratio of -432.35 and a beta of 1.63. The business’s 50-day moving average price is $271.48 and its 200-day moving average price is $218.66. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the prior year, the company earned ($1.24) EPS. As a group, analysts predict that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. Wellington Management Group LLP grew its position in shares of Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after purchasing an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after purchasing an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of 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 valued at $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $92,429,000. 84.09% of the stock is currently 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.