Bank of America Boosts Spotify Technology (NYSE:SPOT) Price Target to $380.00

Spotify Technology (NYSE:SPOT) had its price objective increased by Bank of America from $370.00 to $380.00 in a research note released on Tuesday morning, MarketBeat reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on SPOT. Loop Capital upped their target price on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a research note on Monday, April 22nd. Canaccord Genuity Group increased their price objective on Spotify Technology from $315.00 to $330.00 and gave the company a buy rating in a research note on Monday, April 22nd. Citigroup boosted their target price on shares of Spotify Technology from $255.00 to $310.00 and gave the company a neutral rating in a research note on Tuesday, May 7th. Macquarie raised their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a research note on Monday, April 22nd. Finally, Raymond James boosted their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a research report on Monday, April 15th. Eight equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of Moderate Buy and a consensus price target of $311.88.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $315.60 on Tuesday. The stock has a market cap of $60.03 billion, a PE ratio of -471.04 and a beta of 1.59. Spotify Technology has a 1 year low of $129.23 and a 1 year high of $331.08. The stock has a fifty day moving average price of $304.67 and a 200 day moving average price of $262.14.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate 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 business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period in the previous year, the firm earned ($1.24) EPS. As a group, equities research analysts predict that Spotify Technology will post 4.95 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. GAMMA Investing LLC increased its position in shares of Spotify Technology by 49.1% during the second quarter. GAMMA Investing LLC now owns 498 shares of the company’s stock worth $156,000 after acquiring an additional 164 shares during the last quarter. American Trust acquired a new position in shares of Spotify Technology in the 1st quarter valued at approximately $296,000. EverSource Wealth Advisors LLC boosted its stake in shares of Spotify Technology by 17.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 938 shares of the company’s stock valued at $263,000 after buying an additional 137 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Spotify Technology by 580.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 55,683 shares of the company’s stock worth $14,376,000 after buying an additional 47,500 shares in the last quarter. Finally, Cetera Advisors LLC increased its stake in shares of Spotify Technology by 19.8% in the first quarter. Cetera Advisors LLC now owns 3,185 shares of the company’s stock worth $840,000 after buying an additional 526 shares during the last quarter. Hedge funds and other 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.