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

Spotify Technology (NYSE:SPOT) had its price target raised by The Goldman Sachs Group from $277.00 to $317.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other analysts also recently issued reports about the company. Canaccord Genuity Group raised their target price on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research report on Monday. KeyCorp boosted their price objective on Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a research note on Friday, April 12th. HSBC assumed coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They set a buy rating and a $310.00 target price for the company. TheStreet raised shares of Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Finally, Macquarie raised their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a report on Monday. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $281.34 on Wednesday. The company has a market capitalization of $55.80 billion, a price-to-earnings ratio of -419.90 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The company has a 50-day simple moving average of $269.74 and a two-hundred day simple moving average of $217.24.

Spotify Technology (NYSE:SPOT) last announced its 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. The firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. During the same quarter in the previous year, the business earned ($1.24) EPS. On average, sell-side analysts forecast that Spotify Technology will post 3.52 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

A number of hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Spotify Technology by 168.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,456 shares of the company’s stock worth $2,495,000 after acquiring an additional 5,937 shares during the last quarter. Simplicity Wealth LLC bought a new stake in Spotify Technology in the first quarter worth $456,000. Spire Wealth Management lifted its stake in Spotify Technology by 93.1% in the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock worth $52,000 after purchasing an additional 95 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Spotify Technology by 55.2% in the first quarter. Assenagon Asset Management S.A. now owns 151,747 shares of the company’s stock worth $40,046,000 after purchasing an additional 53,976 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its stake in Spotify Technology by 90.5% in the first quarter. Global Retirement Partners LLC now owns 383 shares of the company’s stock worth $101,000 after purchasing an additional 182 shares during the last quarter. 84.09% of the stock is owned by 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.