Spotify Technology (NYSE:SPOT) PT Raised to $325.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its target price hoisted by analysts at Benchmark from $290.00 to $325.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price target would indicate a potential upside of 10.66% from the company’s previous close.

Several other equities research analysts have also issued reports on SPOT. Macquarie reissued an “outperform” rating and set a $300.00 price objective (up previously from $232.00) on shares of Spotify Technology in a research note on Wednesday, February 7th. Wells Fargo & Company lifted their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. Raymond James lifted their price objective on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday. Barclays lifted their price objective on Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Finally, DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective on the stock in a report on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.24.

Spotify Technology Stock Performance

Shares of SPOT opened at $293.68 on Thursday. The firm has a market capitalization of $58.25 billion, a P/E ratio of -99.22 and a beta of 1.63. The stock has a 50 day moving average price of $265.25 and a two-hundred day moving average price of $212.82. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $313.16.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the company posted ($1.43) earnings per share. Spotify Technology’s quarterly revenue was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Spotify Technology will post 3.51 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several institutional investors have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. lifted its stake 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 purchasing an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology in the fourth quarter worth about $29,000. GAMMA Investing LLC purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $32,000. Quarry LP purchased a new position in shares of Spotify Technology during the second quarter worth approximately $35,000. Finally, LM Advisors LLC purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $37,000. 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.