The Goldman Sachs Group Raises Spotify Technology (NYSE:SPOT) Price Target to $317.00

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

A number of other analysts have also recently weighed in on the company. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an overweight rating in a research report on Wednesday. HSBC initiated coverage on Spotify Technology in a research report on Wednesday, March 27th. They issued a buy rating and a $310.00 price target for the company. 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, April 22nd. Piper Sandler reaffirmed a neutral rating and issued a $320.00 price target (up previously from $300.00) on shares of Spotify Technology in a research report on Wednesday. Finally, Loop Capital boosted their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a research report on Monday, April 22nd. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $289.68 on Wednesday. The business’s 50-day moving average price is $271.48 and its two-hundred day moving average price is $218.66. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The company has a market capitalization of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm earned ($1.24) earnings per share. On average, equities analysts anticipate that Spotify Technology will post 3.97 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently modified their holdings of SPOT. Wellington Management Group LLP grew its stake in shares of Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after purchasing an additional 1,133,305 shares during the period. Schroder Investment Management Group grew its position in Spotify Technology by 303.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after acquiring an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Spotify Technology by 194.7% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after acquiring an additional 741,955 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after acquiring an additional 523,237 shares during the last quarter. Finally, Norges Bank acquired a new position in Spotify Technology during the 4th 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.