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

Spotify Technology (NYSE:SPOT) had its target price hoisted by Guggenheim from $290.00 to $350.00 in a report issued on Wednesday morning, Benzinga reports. Guggenheim currently has a buy rating on the stock.

SPOT has been the subject of a number of other research reports. Pivotal Research raised their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Rosenblatt Securities raised their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the company a buy rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a research report on Wednesday, April 17th. Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the company a buy rating in a research report on Monday, April 22nd. Finally, Barclays lifted their price target on shares of Spotify Technology from $335.00 to $350.00 and gave the company an overweight rating in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has an average rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Up 0.2 %

NYSE SPOT opened at $289.59 on Wednesday. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The business’s 50-day moving average price is $271.48 and its 200 day moving average price is $219.09. The firm has a market cap of $57.43 billion, a P/E ratio of -432.22 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the company posted ($1.24) earnings per share. As a group, analysts anticipate that Spotify Technology will post 4.02 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SPOT. Lindbrook Capital LLC grew its stake in Spotify Technology by 32.3% in the 4th 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. Signaturefd LLC grew its stake in Spotify Technology by 4.4% in the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after acquiring an additional 51 shares during the period. Summit Trail Advisors LLC grew its stake in Spotify Technology by 3.5% in the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after acquiring an additional 56 shares during the period. Private Trust Co. NA grew its stake in Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after acquiring an additional 57 shares during the period. Finally, Delta Asset Management LLC TN grew its stake in Spotify Technology by 6.7% in the 4th quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock worth $180,000 after acquiring an additional 60 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.