Benchmark Increases Spotify Technology (NYSE:SPOT) Price Target to $325.00

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target boosted by stock analysts at Benchmark from $290.00 to $325.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's target price suggests a potential upside of 12.38% from the company's current price.

Several other equities analysts have also recently issued reports on SPOT. The Goldman Sachs Group lifted their price objective on Spotify Technology from $235.00 to $277.00 and gave the company a "neutral" rating in a research note on Wednesday. Bank of America boosted their target price on Spotify Technology from $265.00 to $315.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Pivotal Research boosted their target price on Spotify Technology from $330.00 to $390.00 and gave the stock a "buy" rating in a research note on Friday, April 5th. Barclays boosted their target price on Spotify Technology from $270.00 to $335.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 10th. Finally, Rosenblatt Securities boosted their target price on Spotify Technology from $300.00 to $315.00 and gave the stock a "buy" rating in a research note on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $265.24.

Spotify Technology Stock Performance

Shares of SPOT traded down $4.38 during midday trading on Thursday, hitting $289.20. The company had a trading volume of 2,014,237 shares, compared to its average volume of 1,906,668. The company's 50-day simple moving average is $266.24 and its 200-day simple moving average is $213.35. The firm has a market capitalization of $57.36 billion, a P/E ratio of -97.70 and a beta of 1.63. Spotify Technology has a 1 year low of $128.67 and a 1 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 (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business's quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the business posted ($1.43) EPS. Equities analysts predict that Spotify Technology will post 3.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of SPOT. Technology Crossover Management XI Ltd. boosted its stake in shares of Spotify Technology by 36.2% in the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company's stock valued at $200,618,000 after buying an additional 344,841 shares in the last quarter. Nordea Investment Management AB boosted its position in Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company's stock worth $46,927,000 after purchasing an additional 18,105 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company's stock worth $18,372,000 after purchasing an additional 78,609 shares in the last quarter. GSA Capital Partners LLP boosted its position in Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company's stock worth $2,202,000 after purchasing an additional 11,664 shares in the last quarter. Finally, Rheos Capital Works Inc. boosted its position in Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company's stock worth $20,106,000 after purchasing an additional 72,000 shares in the last quarter. Institutional investors and hedge funds 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.