Spotify Technology (NYSE:SPOT) Given New $277.00 Price Target at The Goldman Sachs Group

Spotify Technology (NYSE:SPOT) had its price target upped by The Goldman Sachs Group from $235.00 to $277.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the stock. KeyCorp boosted their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a research report on Friday, April 12th. Macquarie reiterated an outperform rating and set a $300.00 price objective (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. Bank of America boosted their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research report on Wednesday, March 20th. DZ Bank upgraded shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price objective on the stock in a research report on Wednesday, February 7th. Finally, Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a research report on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $263.84.

Spotify Technology Stock Down 1.5 %

Spotify Technology stock opened at $293.68 on Wednesday. The firm’s fifty day moving average is $265.25 and its 200 day moving average is $212.82. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $313.16.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. Spotify Technology’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.43) earnings per share. Equities research analysts expect that Spotify Technology will post 3.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Technology Crossover Management XI Ltd. raised its position in shares of Spotify Technology by 36.2% in the 3rd quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after purchasing an additional 344,841 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Spotify Technology by 7.9% in the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after purchasing an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Spotify Technology by 410.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after purchasing an additional 78,609 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of Spotify Technology by 452.4% in the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after purchasing an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. raised its position in shares of Spotify Technology by 205.7% in the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after purchasing an additional 72,000 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.