Spotify Technology (NYSE:SPOT) PT Raised to $375.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its price target upped by Benchmark from $325.00 to $375.00 in a research note issued to investors on Wednesday, Benzinga reports. Benchmark currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. 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 research note on Monday, April 8th. Macquarie lifted their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a research note on Monday, April 22nd. Barclays lifted their price objective on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an overweight rating in a research note on Wednesday, April 10th. HSBC began coverage on shares of Spotify Technology in a report on Wednesday, March 27th. They issued a buy rating and a $310.00 target price on the stock. Finally, TheStreet raised shares of Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Stock Performance

NYSE SPOT opened at $289.59 on Wednesday. The firm has a 50-day moving average of $271.48 and a 200-day moving average of $219.09. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the company earned ($1.24) EPS. As a group, sell-side analysts expect that Spotify Technology will post 4.49 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA increased its position in Spotify Technology by 16.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after acquiring an additional 523,237 shares during the period. Wellington Management Group LLP increased its position in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares during the period. AMF Tjanstepension AB increased its position in Spotify Technology by 1.3% in the 3rd quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock valued at $313,146,000 after acquiring an additional 25,000 shares during the period. Acadian Asset Management LLC increased its position in Spotify Technology by 11.5% in the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock valued at $296,376,000 after acquiring an additional 197,368 shares during the period. Finally, Artisan Partners Limited Partnership increased its position in Spotify Technology by 24.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after acquiring an additional 277,733 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.