Spotify Technology (NYSE:SPOT) PT Raised to $375.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its price objective upped by Benchmark from $325.00 to $375.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the subject of a number of other reports. UBS Group boosted their price objective on Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research note on Friday, April 5th. Pivotal Research boosted their price objective on Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research note on Tuesday. KeyCorp upped their price target on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research note on Friday, April 12th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $280.00 to $320.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Finally, Rosenblatt Securities upped their price target on Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Up 0.2 %

Spotify Technology stock opened at $289.68 on Wednesday. The business has a 50-day simple moving average of $271.48 and a two-hundred day simple moving average of $218.66. The company has a market cap of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the previous year, the company posted ($1.24) EPS. Research analysts anticipate that Spotify Technology will post 3.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group raised its stake in Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after buying an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in Spotify Technology by 194.7% in the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after buying an additional 741,955 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Spotify Technology by 16.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after buying an additional 523,237 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Spotify Technology in the fourth quarter worth about $92,429,000. 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.