Spotify Technology (NYSE:SPOT) Price Target Raised to $365.00

Spotify Technology (NYSE:SPOT) had its price target increased by JPMorgan Chase & Co. from $320.00 to $365.00 in a report issued on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SPOT has been the topic of several other reports. UBS Group lifted their target price on Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research report on Friday, April 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a research note on Wednesday, April 17th. Rosenblatt Securities upped their price target on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a research report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $235.00 to $277.00 and gave the company a neutral rating in a research report on Wednesday, April 17th. Finally, Benchmark upped their target price on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a buy rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

Spotify Technology stock opened at $289.59 on Wednesday. The stock’s 50 day moving average is $271.48 and its 200 day moving average is $219.09. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (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 analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period in the previous year, the company earned ($1.24) earnings per share. On average, research analysts anticipate that Spotify Technology will post 4.49 EPS for the current year.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology during the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology during the 4th quarter valued at $32,000. Lindbrook Capital LLC grew its position in 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. Finally, Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology in the first quarter worth $40,000. 84.09% of the stock is owned by hedge funds and other 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.