JPMorgan Chase & Co. Boosts Spotify Technology (NYSE:SPOT) Price Target to $365.00

Spotify Technology (NYSE:SPOT) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $320.00 to $365.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 30.07% from the company’s current price.

Several other research analysts also recently issued reports on SPOT. Rosenblatt Securities lifted their price objective on Spotify Technology from $315.00 to $396.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays lifted their price objective on Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target for the company in a report on Wednesday, February 7th. Canaccord Genuity Group boosted their price target on Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a report on Monday. Finally, Benchmark boosted their price target on Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $290.85.

Spotify Technology Trading Down 7.5 %

Shares of NYSE:SPOT traded down $22.70 during trading on Wednesday, hitting $280.61. 4,708,982 shares of the stock were exchanged, compared to its average volume of 2,135,399. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30. The company has a market cap of $55.65 billion, a PE ratio of -96.36 and a beta of 1.63. The company has a fifty day moving average price of $269.00 and a two-hundred day moving average price of $216.78.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data 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. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the previous year, the firm posted ($1.24) EPS. Equities research analysts anticipate that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently modified their holdings of the stock. Future Financial Wealth Managment LLC bought a new position in shares of Spotify Technology during the first quarter worth about $40,000. Pinnacle Bancorp Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $29,000. GAMMA Investing LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $32,000. First Horizon Advisors Inc. raised its stake in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the period. Finally, Lindbrook Capital LLC raised its stake in Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the period. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.