Spotify Technology (NYSE:SPOT) Given New $900.00 Price Target at Bank of America

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target raised by investment analysts at Bank of America from $700.00 to $900.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target indicates a potential upside of 16.98% from the stock's current price.

SPOT has been the subject of a number of other research reports. Loop Capital boosted their price target on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. Guggenheim increased their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday. Rosenblatt Securities cut their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Finally, Macquarie upped their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $647.52.

Spotify Technology Trading Up 4.5%

Shares of NYSE SPOT traded up $33.05 on Thursday, reaching $769.35. 784,506 shares of the company traded hands, compared to its average volume of 2,204,091. The company has a 50 day moving average of $657.02 and a 200 day moving average of $579.16. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $769.18. The stock has a market capitalization of $157.49 billion, a PE ratio of 127.56, a P/E/G ratio of 1.96 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period last year, the company posted $0.97 EPS. As a group, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC raised its stake in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Spotify Technology by 3.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after buying an additional 112,553 shares during the last quarter. FMR LLC raised its stake in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after buying an additional 473,569 shares in the last quarter. Schroder Investment Management Group lifted its stake in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after purchasing an additional 7,075 shares during the last quarter. Finally, GQG Partners LLC bought a new position in shares of Spotify Technology in the 4th quarter worth about $800,725,000. 84.09% of the stock is currently 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.

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