The Goldman Sachs Group Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOTGet Free Report) had its price objective lifted by The Goldman Sachs Group from $430.00 to $490.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 1.12% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Evercore ISI increased their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a report on Wednesday, July 24th. Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday. Guggenheim increased their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

View Our Latest Analysis on Spotify Technology

Spotify Technology Trading Up 3.7 %

SPOT traded up $17.20 during mid-day trading on Thursday, reaching $484.57. The stock had a trading volume of 2,105,942 shares, compared to its average volume of 1,917,858. The firm’s fifty day simple moving average is $372.46 and its two-hundred day simple moving average is $335.65. The stock has a market capitalization of $96.46 billion, a P/E ratio of 131.68 and a beta of 1.56. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $485.95. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Institutional Trading of Spotify Technology

A number of institutional investors have recently modified their holdings of SPOT. Oppenheimer & Co. Inc. acquired a new position in Spotify Technology in the first quarter valued at about $342,000. Avantax Advisory Services Inc. bought a new stake in Spotify Technology during the first quarter worth $218,000. Bleakley Financial Group LLC boosted its holdings in shares of Spotify Technology by 11.4% in the 1st quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after purchasing an additional 177 shares in the last quarter. Vanguard Group Inc. grew its position in Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after acquiring an additional 23,675 shares during the last quarter. Finally, Edgestream Partners L.P. raised its stake in Spotify Technology by 186.2% during the first quarter. Edgestream Partners L.P. now owns 20,153 shares of the company’s stock worth $5,318,000 after acquiring an additional 13,111 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

About Spotify Technology

(Get Free Report)

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.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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