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

Spotify Technology (NYSE:SPOT) had its price objective upped by analysts at The Goldman Sachs Group from $277.00 to $317.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 9.61% from the stock’s current price.

A number of other analysts have also commented on the stock. Macquarie boosted their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research note on Monday. Raymond James upped their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. UBS Group lifted their price target on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 5th. KeyCorp increased their price objective on Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $301.81.

Spotify Technology Trading Up 2.8 %

Shares of NYSE SPOT opened at $289.20 on Wednesday. The firm’s 50-day moving average price is $270.61 and its 200-day moving average price is $217.74. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. increased its position in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares during the period. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology in the 4th quarter worth approximately $29,000. GAMMA Investing LLC bought a new position in Spotify Technology in the 4th quarter valued at $32,000. Lindbrook Capital LLC grew its position in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at $40,000. Institutional investors own 84.09% of the company’s stock.

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.