Spotify Technology (NYSE:SPOT) PT Raised to $425.00 at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT) had its price target upped by JPMorgan Chase & Co. from $375.00 to $425.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 25.83% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Jefferies Financial Group restated a “buy” rating and set a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Loop Capital raised their price target on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research note on Monday, April 22nd. UBS Group lifted their price target on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Benchmark reiterated a “buy” rating and set a $405.00 price objective on shares of Spotify Technology in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $348.33.

Spotify Technology Price Performance

NYSE:SPOT traded up $6.98 on Wednesday, reaching $337.77. The stock had a trading volume of 2,700,516 shares, compared to its average volume of 1,972,290. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $346.23. The company has a market cap of $64.24 billion, a price-to-earnings ratio of -505.18, a P/E/G ratio of 0.78 and a beta of 1.59. The firm’s fifty day moving average is $309.21 and its two-hundred day moving average is $275.23.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted ($1.24) earnings per share. As a group, research analysts forecast that Spotify Technology will post 5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Clearbridge Investments LLC lifted its position in shares of Spotify Technology by 0.6% in the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after buying an additional 38 shares during the last quarter. Cigna Investments Inc. New boosted its stake in Spotify Technology by 3.3% in the second quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after acquiring an additional 40 shares during the period. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Lindbrook Capital LLC raised its position in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the period. Finally, Signaturefd LLC boosted its position in Spotify Technology by 4.4% during the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after purchasing an additional 51 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Company Profile

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.