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

Spotify Technology (NYSE:SPOT) had its price target raised by The Goldman Sachs Group from $277.00 to $317.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently issued reports on the company. Raymond James lifted their target price on Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a research report on Monday, April 15th. Wells Fargo & Company lifted their target price on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Canaccord Genuity Group boosted their price target on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research report on Monday. Pivotal Research boosted their price target on Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a research report on Tuesday. Finally, KeyCorp boosted their price target on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Performance

NYSE:SPOT opened at $281.34 on Wednesday. The stock’s 50-day simple moving average is $269.74 and its 200 day simple moving average is $217.24. The company has a market cap of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. During the same quarter in the previous year, the business earned ($1.24) earnings per share. As a group, equities analysts predict that Spotify Technology will post 3.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently made changes to their positions in SPOT. Wellington Management Group LLP boosted its stake 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 valued at $459,364,000 after buying an additional 1,133,305 shares during the period. Schroder Investment Management Group lifted its stake in Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares during the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology during the fourth quarter worth $92,429,000. 84.09% of the stock is currently owned by institutional investors.

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.