The Goldman Sachs Group Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price boosted by The Goldman Sachs Group from $490.00 to $550.00 in a research report released on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other analysts have also recently weighed in on SPOT. Bank of America boosted their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. KeyCorp raised their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler upped their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley raised their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $432.11.

Spotify Technology Price Performance

SPOT opened at $479.82 on Wednesday. The stock has a market capitalization of $95.51 billion, a P/E ratio of 130.39 and a beta of 1.62. The company’s 50 day simple moving average is $456.74 and its 200-day simple moving average is $382.14. Spotify Technology has a one year low of $191.88 and a one year high of $506.47.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 earnings per share. As a group, analysts anticipate that Spotify Technology will post 6.02 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of SPOT. National Bank of Canada FI grew its holdings in shares of Spotify Technology by 3.0% in the 2nd quarter. National Bank of Canada FI now owns 2,489 shares of the company’s stock valued at $781,000 after acquiring an additional 73 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Spotify Technology by 118.3% during the 2nd quarter. Private Advisor Group LLC now owns 3,023 shares of the company’s stock worth $949,000 after purchasing an additional 1,638 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $104,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $39,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of Spotify Technology in the 2nd quarter valued at approximately $428,000. Institutional investors and hedge funds 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.