Guggenheim Increases Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its price target lifted by Guggenheim from $290.00 to $350.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

SPOT has been the topic of a number of other research reports. Macquarie increased their price target on Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a research report on Monday, April 22nd. Bank of America increased their price target on Spotify Technology from $315.00 to $370.00 and gave the stock a buy rating in a research report on Wednesday. Raymond James increased 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. UBS Group increased their price target on Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research report on Friday, April 5th. Finally, The Goldman Sachs Group increased their price target on Spotify Technology from $277.00 to $317.00 and gave the stock a neutral rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, Spotify Technology has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Up 0.2 %

Shares of Spotify Technology stock opened at $289.59 on Wednesday. The stock’s fifty day moving average is $271.48 and its two-hundred day moving average is $219.09. The company has a market capitalization of $57.43 billion, a PE ratio of -432.22 and a beta of 1.63. Spotify Technology has a 52 week low of $128.67 and a 52 week 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 company had revenue of $3.95 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted ($1.24) EPS. As a group, research analysts anticipate that Spotify Technology will post 4.02 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. raised 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 valued at $27,000 after buying an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth about $29,000. GAMMA Investing LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth about $32,000. Lindbrook Capital LLC raised its stake in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Spotify Technology in the first quarter worth about $40,000. 84.09% of the stock is currently 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.