Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Spotify Technology (NYSE:SPOT) had its price objective hoisted by investment analysts at The Goldman Sachs Group from $550.00 to $695.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 11.46% from the company’s current price.

Several other brokerages have also weighed in on SPOT. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research report on Wednesday. Wells Fargo & Company lifted their price objective on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday. KeyCorp increased their target price on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Canaccord Genuity Group boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $514.79.

Spotify Technology Stock Down 0.4 %

Spotify Technology stock opened at $623.54 on Thursday. The business has a 50 day moving average price of $491.03 and a two-hundred day moving average price of $412.38. Spotify Technology has a 12 month low of $228.07 and a 12 month high of $632.45. The stock has a market cap of $124.12 billion, a price-to-earnings ratio of 169.44 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts expect that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently added to or reduced their stakes in the company. Auxano Advisors LLC boosted its stake in shares of Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after purchasing an additional 20 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in Spotify Technology by 4.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after acquiring an additional 25 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the period. West Bancorporation Inc. raised its position in shares of Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after acquiring an additional 27 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. lifted its stake in shares of Spotify Technology by 1.9% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company’s stock valued at $656,000 after purchasing an additional 27 shares during the period. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.