The Goldman Sachs Group Increases Spotify Technology (NYSE:SPOT) Price Target to $550.00

Spotify Technology (NYSE:SPOT) had its price target lifted by The Goldman Sachs Group from $490.00 to $550.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 18.83% from the company’s previous close.

Several other brokerages also recently weighed in on SPOT. Piper Sandler increased their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Macquarie raised their target price on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their price target on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Finally, Phillip Securities reiterated an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $432.11.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $462.85 on Wednesday. The business’s 50-day moving average is $455.01 and its 200 day moving average is $381.45. Spotify Technology has a 1 year low of $191.88 and a 1 year high of $506.47. The firm has a market capitalization of $92.13 billion, a P/E ratio of 125.77 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. On average, analysts expect that Spotify Technology will post 6.02 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. First Horizon Advisors Inc. increased its holdings in shares of Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. grew its holdings in Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after buying an additional 27 shares in the last quarter. Avior Wealth Management LLC increased its stake in shares of Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after acquiring an additional 30 shares during the last quarter. Park National Corp OH raised its holdings in shares of Spotify Technology by 4.1% during the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after acquiring an additional 31 shares during the period. Finally, Washington Trust Advisors Inc. boosted its position in shares of Spotify Technology by 12.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other 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.