HSBC Raises Spotify Technology (NYSE:SPOT) Price Target to $355.00

Spotify Technology (NYSE:SPOT) had its price target boosted by HSBC from $310.00 to $355.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Morgan Stanley upped their price objective on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research report on Monday, April 22nd. Barclays upped their price objective on Spotify Technology from $335.00 to $350.00 and gave the company an overweight rating in a research report on Wednesday. TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Benchmark increased their price target on Spotify Technology from $325.00 to $375.00 and gave the stock a buy rating in a report on Wednesday. Finally, Canaccord Genuity Group increased their price target on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a report on Monday, April 22nd. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Trading Up 0.2 %

NYSE:SPOT opened at $289.59 on Wednesday. The company has a market capitalization of $57.43 billion, a P/E ratio of -432.22 and a beta of 1.63. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The business’s 50-day moving average is $271.48 and its 200 day moving average is $219.09.

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, beating 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 business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the prior year, the business posted ($1.24) earnings per share. On average, research analysts forecast that Spotify Technology will post 4.02 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Lindbrook Capital LLC boosted its position in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares in the last quarter. Signaturefd LLC boosted its position in Spotify Technology by 4.4% during the 4th 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 boosted its position in Spotify Technology by 3.5% during the 4th 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 boosted its position in Spotify Technology by 18.4% during the 4th 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 boosted its position in Spotify Technology by 6.7% during the 4th 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. Institutional investors own 84.09% of the company’s stock.

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.