Spotify Technology (NYSE:SPOT) Price Target Raised to $280.00 at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOTFree Report) had its price objective lifted by JPMorgan Chase & Co. from $220.00 to $280.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities analysts have also commented on SPOT. Rosenblatt Securities upped their target price on Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a research note on Wednesday. Raymond James upped their target price on Spotify Technology from $180.00 to $220.00 and gave the company an outperform rating in a research note on Monday, December 11th. Truist Financial upped their target price on Spotify Technology from $176.00 to $190.00 and gave the company a buy rating in a research note on Wednesday, October 25th. Morgan Stanley upped their target price on Spotify Technology from $200.00 to $230.00 and gave the company an overweight rating in a research note on Tuesday, December 5th. Finally, KeyCorp upped their target price on Spotify Technology from $210.00 to $255.00 and gave the company an overweight rating in a research note on Tuesday, December 5th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $223.36.

View Our Latest Analysis on SPOT

Spotify Technology Stock Up 0.3 %

Shares of NYSE:SPOT opened at $240.77 on Wednesday. The company has a quick ratio of 1.27, a current ratio of 1.29 and a debt-to-equity ratio of 0.57. Spotify Technology has a 52-week low of $114.64 and a 52-week high of $248.67. The stock’s fifty day simple moving average is $202.91 and its 200-day simple moving average is $173.12. The company has a market capitalization of $46.98 billion, a P/E ratio of -81.34 and a beta of 1.60.

Spotify Technology (NYSE:SPOTGet Free Report) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the business earned ($1.43) earnings per share. The business’s revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology will post 2.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently modified their holdings of the stock. First Horizon Advisors Inc. boosted its holdings in Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology in the fourth quarter valued at about $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology in the fourth quarter valued at about $32,000. Quarry LP purchased a new position in Spotify Technology in the second quarter valued at about $35,000. Finally, First Manhattan Co. boosted its holdings in Spotify Technology by 65.8% in the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 56.89% of the company’s stock.

About Spotify Technology

(Get Free Report)

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.

Featured Stories

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.