Spotify Technology (NYSE:SPOT) Price Target Increased to $370.00 by Analysts at Bank of America

Spotify Technology (NYSE:SPOT) had its price target upped by Bank of America from $315.00 to $370.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently commented on SPOT. Wells Fargo & Company boosted their target price on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $320.00 to $365.00 and gave the company an overweight rating in a research note on Wednesday. Benchmark raised their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a research report on Wednesday. Morgan Stanley boosted their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a research report on Monday, April 22nd. Finally, Pivotal Research lifted their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research note on Tuesday, April 23rd. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Price Performance

NYSE SPOT opened at $289.59 on Wednesday. The company has a 50 day simple moving average of $271.48 and a 200-day simple moving average of $219.09. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30.

Spotify Technology (NYSE:SPOT) last released its 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 net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the firm earned ($1.24) EPS. Research analysts predict that Spotify Technology will post 4.49 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in shares of 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 period. Schroder Investment Management Group raised its holdings in Spotify Technology by 303.4% in the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after acquiring an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Spotify Technology by 194.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after acquiring an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $92,429,000. 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.