Pivotal Research Increases Spotify Technology (NYSE:SPOT) Price Target to $400.00

Spotify Technology (NYSE:SPOT) had its price objective boosted by stock analysts at Pivotal Research from $390.00 to $400.00 in a report issued on Tuesday, Briefing.com reports. The brokerage presently has a “buy” rating on the stock. Pivotal Research’s price target points to a potential upside of 46.88% from the stock’s previous close.

A number of other research analysts also recently weighed in on SPOT. TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective on the stock in a research note on Wednesday, February 7th. UBS Group increased their target price on Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. HSBC assumed coverage on Spotify Technology in a report on Wednesday, March 27th. They set a “buy” rating and a $310.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Seven research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $276.58.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $272.33 on Tuesday. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $313.16. The stock has a 50 day moving average price of $267.69 and a two-hundred day moving average price of $215.78. The company has a market capitalization of $54.01 billion, a P/E ratio of -92.00 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.43) earnings per share. As a group, equities analysts predict that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Future Financial Wealth Managment LLC purchased a new position in shares of Spotify Technology in the 1st quarter valued at $40,000. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology in the 4th quarter valued at $29,000. GAMMA Investing LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at $32,000. First Horizon Advisors Inc. increased its holdings in shares of Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after acquiring an additional 117 shares during the period. Finally, Lindbrook Capital LLC increased its holdings in shares of Spotify Technology by 32.3% in 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 during the period. 84.09% of the stock is owned by institutional investors.

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.