Brokerages Set Spotify Technology S.A. (NYSE:SPOT) PT at $311.88

Shares of Spotify Technology S.A. (NYSE:SPOT) have been given a consensus recommendation of “Moderate Buy” by the twenty-six research firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and eighteen have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $317.08.

Several brokerages recently issued reports on SPOT. Morgan Stanley lifted their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. Rosenblatt Securities reissued a “buy” rating and set a $396.00 price objective on shares of Spotify Technology in a report on Tuesday, June 4th. Redburn Atlantic reissued a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Finally, KeyCorp lifted their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a report on Wednesday.

Spotify Technology Stock Performance

Spotify Technology stock opened at $305.00 on Thursday. The company has a 50 day moving average price of $308.22 and a 200-day moving average price of $267.62. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $331.08. The company has a market capitalization of $58.01 billion, a PE ratio of -455.22, a P/E/G ratio of 0.83 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last posted 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. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter in the previous year, the firm posted ($1.24) earnings per share. On average, analysts forecast that Spotify Technology will post 4.96 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP raised its position 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 worth $459,364,000 after acquiring an additional 1,133,305 shares during the period. GQG Partners LLC acquired a new position in shares of Spotify Technology in the first quarter worth about $610,040,000. Artisan Partners Limited Partnership raised its position in shares of Spotify Technology by 24.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after acquiring an additional 277,733 shares during the period. Bamco Inc. NY raised its position in shares of Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after acquiring an additional 190,931 shares during the period. Finally, Swedbank AB purchased a new stake in shares of Spotify Technology during the first quarter worth about $198,663,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.