Pivotal Research Increases Spotify Technology (NYSE:SPOT) Price Target to $400.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by investment analysts at Pivotal Research from $390.00 to $400.00 in a note issued to investors on Tuesday, Briefing.com reports. The brokerage presently has a “buy” rating on the stock. Pivotal Research’s price objective would indicate a potential upside of 46.88% from the stock’s previous close.

SPOT has been the topic of a number of other research reports. Macquarie boosted their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Loop Capital boosted their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday. KeyCorp lifted their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Finally, Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.58.

Spotify Technology Price Performance

NYSE:SPOT opened at $272.33 on Tuesday. The firm’s 50 day simple moving average is $267.69 and its 200 day simple moving average is $215.78. Spotify Technology has a one year low of $128.67 and a one year high of $313.16. The company has a market cap of $54.01 billion, a PE ratio of -92.00 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the company earned ($1.43) EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 3.5 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the company. Lindbrook Capital LLC boosted its stake in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares during the last quarter. Signaturefd LLC lifted its position in shares of Spotify Technology by 4.4% in the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares in the last quarter. Summit Trail Advisors LLC lifted its position in shares of Spotify Technology by 3.5% in the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after acquiring an additional 56 shares in the last quarter. Private Trust Co. NA lifted its position in shares of Spotify Technology by 18.4% in the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after acquiring an additional 57 shares in the last quarter. Finally, Delta Asset Management LLC TN lifted its position in shares of Spotify Technology by 6.7% in the fourth quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock valued at $180,000 after acquiring an additional 60 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other 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.