Spotify Technology (NYSE:SPOT) Price Target Increased to $317.00 by Analysts at The Goldman Sachs Group

Spotify Technology (NYSE:SPOT) had its price objective raised by analysts at The Goldman Sachs Group from $277.00 to $317.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 12.97% from the company’s previous close.

Other research analysts have also recently issued reports about the company. KeyCorp lifted their price objective on Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Loop Capital lifted their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research note on Monday. Morgan Stanley boosted their target price on Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft upped their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Bank of America upped their price objective on Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Eight research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $290.85.

Spotify Technology Trading Down 7.5 %

Shares of NYSE:SPOT traded down $22.70 during trading on Wednesday, reaching $280.61. 4,708,982 shares of the company traded hands, compared to its average volume of 2,135,399. The firm has a market capitalization of $55.65 billion, a price-to-earnings ratio of -96.36 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The business’s fifty day moving average is $269.00 and its 200-day moving average is $216.78.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the firm posted ($1.24) earnings per share. On average, sell-side analysts predict that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. increased its holdings in Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology during the 4th quarter valued at approximately $29,000. GAMMA Investing LLC purchased a new stake in Spotify Technology during the 4th quarter valued at approximately $32,000. Lindbrook Capital LLC raised its stake in 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. Finally, Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology during the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.