Barclays Boosts Spotify Technology (NYSE:SPOT) Price Target to $360.00

Spotify Technology (NYSE:SPOT) had its target price raised by Barclays from $350.00 to $360.00 in a research note issued to investors on Wednesday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Other equities analysts have also issued reports about the company. Citigroup upped their target price on Spotify Technology from $255.00 to $310.00 and gave the company a neutral rating in a report on Tuesday, May 7th. Benchmark reaffirmed a buy rating and set a $405.00 target price on shares of Spotify Technology in a report on Monday, July 22nd. Redburn Atlantic reaffirmed a sell rating and set a $230.00 target price on shares of Spotify Technology in a report on Wednesday, July 10th. Rosenblatt Securities upped their target price on Spotify Technology from $396.00 to $399.00 and gave the company a buy rating in a report on Wednesday. Finally, Loop Capital upped their target price on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $353.15.

Spotify Technology Trading Down 2.2 %

Shares of SPOT opened at $321.87 on Wednesday. The stock’s 50-day moving average is $310.88 and its two-hundred day moving average is $276.89. Spotify Technology has a 12 month low of $129.23 and a 12 month high of $346.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.42 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the company earned ($1.69) earnings per share. On average, research analysts anticipate that Spotify Technology will post 5.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently added to or reduced their stakes in the company. Clearbridge Investments LLC lifted its position in shares of Spotify Technology by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after acquiring an additional 38 shares during the last quarter. Cigna Investments Inc. New lifted its position in shares of Spotify Technology by 3.3% during the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after acquiring an additional 40 shares during the last quarter. Moody Lynn & Lieberson LLC lifted its position in shares of Spotify Technology by 0.6% during the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after acquiring an additional 40 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after acquiring an additional 43 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its position in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during 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.