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

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target hoisted by stock analysts at Guggenheim from $290.00 to $350.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price target suggests a potential upside of 24.40% from the stock's current price.

Several other analysts also recently issued reports on the company. Morgan Stanley lifted their price target on Spotify Technology from $270.00 to $350.00 and gave the company an "overweight" rating in a research note on Monday. TheStreet raised Spotify Technology from a "d+" rating to a "c-" rating in a research note on Friday, February 9th. Raymond James lifted their price target on Spotify Technology from $260.00 to $320.00 and gave the company an "outperform" rating in a research note on Monday, April 15th. Pivotal Research raised their price objective on Spotify Technology from $390.00 to $400.00 and gave the company a "buy" rating in a report on Tuesday. Finally, The Goldman Sachs Group lifted their price target on Spotify Technology from $277.00 to $317.00 and gave the stock a "neutral" rating in a report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $301.81.

Spotify Technology Stock Performance

SPOT traded down $21.97 during mid-day trading on Wednesday, reaching $281.34. The stock had a trading volume of 8,239,164 shares, compared to its average volume of 2,183,022. The stock has a market capitalization of $55.80 billion, a P/E ratio of -95.05 and a beta of 1.63. The firm's fifty day simple moving average is $269.74 and its two-hundred day simple moving average is $217.24. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same period last year, the company earned ($1.24) EPS. As a group, analysts expect that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SPOT. Technology Crossover Management XI Ltd. increased its holdings in shares of Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company's stock worth $200,618,000 after buying an additional 344,841 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of 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 buying an additional 18,105 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of 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 buying an additional 78,609 shares in the last quarter. GSA Capital Partners LLP increased its holdings in shares of 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 buying an additional 11,664 shares in the last quarter. Finally, Rheos Capital Works Inc. increased its holdings in shares of 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 buying an additional 72,000 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.