Spotify Technology (NYSE:SPOT) Given New $330.00 Price Target at Macquarie

Spotify Technology (NYSE:SPOT) had its price target upped by Macquarie from $300.00 to $330.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research firms also recently commented on SPOT. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $280.00 to $320.00 and gave the stock an overweight rating in a report on Monday, April 8th. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target for the company in a report on Wednesday, February 7th. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research note on Monday. Bank of America lifted their target price on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Finally, TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Price Performance

Shares of SPOT stock opened at $281.34 on Monday. The firm has a market cap of $55.80 billion, a P/E ratio of -95.05 and a beta of 1.63. The firm has a fifty day moving average of $269.74 and a two-hundred day moving average of $217.24. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the company earned ($1.24) earnings per share. On average, sell-side analysts expect that Spotify Technology will post 3.5 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently modified their holdings of the company. Future Financial Wealth Managment LLC bought a new stake in Spotify Technology in the first quarter worth about $40,000. Pinnacle Bancorp Inc. acquired a new stake in Spotify Technology during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology during the fourth quarter worth approximately $32,000. 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 buying an additional 117 shares during the last quarter. Finally, Spire Wealth Management increased its holdings in shares of Spotify Technology by 93.1% in the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after buying an additional 95 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.