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

Spotify Technology (NYSE:SPOT) had its target price raised by analysts at Bank of America from $370.00 to $380.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 21.02% from the stock’s previous close.

Several other research analysts have also recently weighed in on SPOT. Macquarie raised their target price on Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Raymond James raised their target price on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Citigroup raised their target price on Spotify Technology from $255.00 to $310.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. The Goldman Sachs Group raised their target price on Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Finally, Pivotal Research raised their target price on 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 eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $311.88.

Spotify Technology Price Performance

Spotify Technology stock opened at $314.00 on Tuesday. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $331.08. The stock has a market capitalization of $59.72 billion, a PE ratio of -468.65 and a beta of 1.59. The firm has a 50 day simple moving average of $303.83 and a 200-day simple moving average of $261.31.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results 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 firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the company posted ($1.24) EPS. On average, analysts forecast that Spotify Technology will post 4.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently bought and sold shares of the business. American Trust purchased a new stake in shares of Spotify Technology during the 1st quarter worth about $296,000. EverSource Wealth Advisors LLC raised 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 worth $263,000 after purchasing an additional 137 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Spotify Technology by 580.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 55,683 shares of the company’s stock worth $14,376,000 after purchasing an additional 47,500 shares in the last quarter. Cetera Advisors LLC raised its stake in shares of Spotify Technology by 19.8% during the 1st quarter. Cetera Advisors LLC now owns 3,185 shares of the company’s stock worth $840,000 after purchasing an additional 526 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of Spotify Technology by 95.2% during the 1st quarter. Cetera Investment Advisers now owns 13,332 shares of the company’s stock worth $3,518,000 after purchasing an additional 6,502 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.