Spotify Technology (NYSE:SPOT – Get Free Report) had its price objective raised by JPMorgan Chase & Co. from $190.00 to $205.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 29.43% from the stock’s previous close.
A number of other equities analysts have also recently commented on the company. Raymond James raised their target price on Spotify Technology from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday. Redburn Atlantic downgraded shares of Spotify Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $170.00 to $160.00 in a report on Monday, October 9th. Barclays boosted their target price on Spotify Technology from $182.00 to $186.00 and gave the stock an “overweight” rating in a report on Wednesday. Bank of America increased their price target on Spotify Technology from $165.00 to $185.00 in a report on Thursday, June 29th. Finally, KeyCorp boosted their price objective on Spotify Technology from $205.00 to $210.00 and gave the stock an “overweight” rating in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $168.32.
Get Our Latest Stock Analysis on SPOT
Spotify Technology Price Performance
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its earnings results on Tuesday, October 24th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.56. The business had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.62 billion. Spotify Technology had a negative net margin of 5.70% and a negative return on equity of 31.93%. Analysts anticipate that Spotify Technology will post -3.09 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of SPOT. SeaBridge Investment Advisors LLC raised its position in Spotify Technology by 1.6% in the 3rd quarter. SeaBridge Investment Advisors LLC now owns 24,838 shares of the company’s stock valued at $3,841,000 after purchasing an additional 389 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Spotify Technology by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,343 shares of the company’s stock valued at $10,259,000 after purchasing an additional 2,611 shares during the last quarter. AMF Tjanstepension AB raised its position in Spotify Technology by 1.3% in the 3rd quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock valued at $313,146,000 after purchasing an additional 25,000 shares during the last quarter. Everhart Financial Group Inc. raised its position in Spotify Technology by 5.1% in the 3rd quarter. Everhart Financial Group Inc. now owns 2,151 shares of the company’s stock valued at $333,000 after purchasing an additional 105 shares during the last quarter. Finally, Intellectus Partners LLC raised its position in Spotify Technology by 10.4% in the 3rd quarter. Intellectus Partners LLC now owns 5,303 shares of the company’s stock valued at $820,000 after purchasing an additional 500 shares during the last quarter. 56.89% of the stock is owned by hedge funds and other institutional investors.
About Spotify Technology
Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.
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