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

Spotify Technology (NYSE:SPOT) had its price target boosted by The Goldman Sachs Group from $430.00 to $490.00 in a research report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on SPOT. Guggenheim boosted their price target on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Pivotal Research upped their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday. Piper Sandler raised their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Phillip Securities reiterated an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Price Performance

Shares of SPOT stock traded down $17.25 on Thursday, reaching $460.25. The company’s stock had a trading volume of 1,702,953 shares, compared to its average volume of 1,930,107. The company has a market capitalization of $91.61 billion, a P/E ratio of 128.37 and a beta of 1.56. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $489.69. The stock’s 50 day simple moving average is $375.44 and its 200-day simple moving average is $336.64. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. First Horizon Advisors Inc. raised its holdings in Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. increased its holdings in shares of Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares in the last quarter. Avior Wealth Management LLC raised its stake in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares during the last quarter. Washington Trust Advisors Inc. lifted its holdings in shares of Spotify Technology by 12.0% during the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after purchasing an additional 32 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its position in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 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.