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

Spotify Technology (NYSE:SPOT) had its price objective raised by HSBC from $310.00 to $355.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

SPOT has been the topic of several other research reports. Loop Capital raised their price target on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a report on Monday, April 22nd. Pivotal Research raised their price target on Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a report on Tuesday, April 23rd. TheStreet raised Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Bank of America raised their price objective on Spotify Technology from $315.00 to $370.00 and gave the company a buy rating in a report on Wednesday. Finally, Benchmark raised their price objective on Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

Shares of SPOT opened at $289.59 on Wednesday. The stock’s 50-day simple moving average is $271.48 and its 200 day simple moving average is $219.09. The stock has a market capitalization of $57.43 billion, a price-to-earnings ratio of -432.22 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 released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $3.87 billion. During the same quarter last year, the firm posted ($1.24) EPS. On average, research analysts forecast that Spotify Technology will post 4.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology during the first quarter valued at approximately $40,000. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology during the fourth quarter valued at $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology during the fourth quarter valued at $32,000. First Horizon Advisors Inc. raised its stake in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares during the last quarter. Finally, Spire Wealth Management raised its stake in Spotify Technology by 93.1% during the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after buying an additional 95 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.