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

Spotify Technology (NYSE:SPOTGet Free Report) had its price target raised by equities researchers at The Goldman Sachs Group from $490.00 to $550.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 14.63% from the company’s current price.

SPOT has been the subject of several other reports. Pivotal Research boosted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Benchmark boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Wells Fargo & Company increased their price objective on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Bank of America increased their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” 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 company’s stock. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $432.11.

Read Our Latest Stock Report on SPOT

Spotify Technology Stock Performance

SPOT stock opened at $479.82 on Wednesday. The stock’s 50 day simple moving average is $458.63 and its 200 day simple moving average is $382.82. The company has a market cap of $95.51 billion, a P/E ratio of 130.39 and a beta of 1.62. Spotify Technology has a fifty-two week low of $191.88 and a fifty-two week high of $506.47.

Spotify Technology (NYSE:SPOTGet Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the company earned $0.36 earnings per share. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities analysts predict that Spotify Technology will post 6.02 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently made changes to their positions in SPOT. First Hawaiian Bank raised its stake in shares of Spotify Technology by 5.7% during the 4th quarter. First Hawaiian Bank now owns 4,098 shares of the company’s stock valued at $1,833,000 after purchasing an additional 222 shares during the period. Park National Corp OH grew its holdings in Spotify Technology by 4.1% during the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after buying an additional 31 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Spotify Technology by 39.6% during the fourth quarter. GAMMA Investing LLC now owns 945 shares of the company’s stock valued at $423,000 after buying an additional 268 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Spotify Technology by 89.9% in the fourth quarter. Versant Capital Management Inc now owns 150 shares of the company’s stock worth $67,000 after buying an additional 71 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Spotify Technology by 11.8% in the third quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock valued at $14,586,000 after acquiring an additional 4,192 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

About Spotify Technology

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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