Spotify Technology (NYSE:SPOT) PT Raised to $320.00 at Raymond James

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective upped by investment analysts at Raymond James from $260.00 to $320.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Raymond James' price objective would indicate a potential upside of 10.15% from the company's current price.

A number of other equities analysts also recently commented on SPOT. The Goldman Sachs Group upped their target price on Spotify Technology from $171.00 to $195.00 and gave the company a "neutral" rating in a report on Tuesday, January 9th. TheStreet upgraded Spotify Technology from a "d+" rating to a "c-" rating in a report on Friday, February 9th. Pivotal Research upped their price target on Spotify Technology from $330.00 to $390.00 and gave the stock a "buy" rating in a research note on Friday, April 5th. Benchmark upped their price target on Spotify Technology from $260.00 to $290.00 and gave the stock a "buy" rating in a research note on Wednesday, February 7th. Finally, HSBC initiated coverage on Spotify Technology in a research note on Wednesday, March 27th. They issued a "buy" rating and a $310.00 price target on the stock. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $254.16.

Spotify Technology Stock Performance

NYSE:SPOT traded down $9.93 during mid-day trading on Monday, reaching $290.52. The stock had a trading volume of 1,942,756 shares, compared to its average volume of 1,915,509. The firm has a 50 day moving average price of $261.53 and a two-hundred day moving average price of $210.27. The stock has a market capitalization of $57.62 billion, a P/E ratio of -98.42 and a beta of 1.63. Spotify Technology has a one year low of $128.67 and a one year high of $313.16.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share 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 firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted ($1.43) earnings per share. The business's revenue was up 16.0% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 3.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. First Horizon Advisors Inc. lifted its holdings 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 acquiring an additional 117 shares during the period. Pinnacle Bancorp Inc. bought a new position in Spotify Technology in the fourth quarter valued at about $29,000. GAMMA Investing LLC bought a new position in Spotify Technology in the fourth quarter valued at about $32,000. Quarry LP bought a new position in Spotify Technology in the second quarter valued at about $35,000. Finally, LM Advisors LLC bought a new position in Spotify Technology in the fourth quarter valued at about $37,000. 84.09% of the stock is owned by institutional investors.

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.