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

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective upped by research analysts at The Goldman Sachs Group from $490.00 to $550.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price target points to a potential upside of 14.63% from the company's current price.

Several other analysts also recently weighed in on SPOT. Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Piper Sandler upped their target price on Spotify Technology from $330.00 to $450.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. Barclays upped their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. One equities research 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. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $432.11.

Spotify Technology Trading Up 3.4 %

Shares of SPOT stock traded up $15.89 during trading hours on Wednesday, reaching $479.82. 2,153,790 shares of the company's stock were exchanged, compared to its average volume of 1,489,046. Spotify Technology has a 1 year low of $191.88 and a 1 year high of $506.47. The stock has a market cap of $95.51 billion, a PE ratio of 130.39 and a beta of 1.62. The stock's fifty day moving average price is $455.01 and its two-hundred day moving average price is $381.45.

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

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. National Bank of Canada FI boosted its stake in Spotify Technology by 3.0% during the second quarter. National Bank of Canada FI now owns 2,489 shares of the company's stock worth $781,000 after buying an additional 73 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of Spotify Technology by 118.3% in the second quarter. Private Advisor Group LLC now owns 3,023 shares of the company's stock valued at $949,000 after purchasing an additional 1,638 shares during the period. Strategic Financial Concepts LLC acquired a new stake in Spotify Technology during the second quarter worth about $104,000. Ashton Thomas Private Wealth LLC purchased a new position in Spotify Technology during the second quarter worth about $39,000. Finally, Wedbush Securities Inc. acquired a new position in Spotify Technology in the 2nd quarter valued at about $428,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.