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

Spotify Technology (NYSE:SPOT) had its target price boosted by The Goldman Sachs Group from $490.00 to $550.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also issued reports on SPOT. Rosenblatt Securities lifted their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft boosted 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 raised their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Macquarie increased their price objective on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $432.11.

Spotify Technology Stock Up 3.4 %

Shares of Spotify Technology stock opened at $479.82 on Wednesday. Spotify Technology has a 12 month low of $191.88 and a 12 month 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 business has a fifty day simple moving average of $456.74 and a 200-day simple moving average of $382.14.

Spotify Technology (NYSE:SPOT) 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 business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. Analysts expect that Spotify Technology will post 6.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter valued at about $26,000. Benjamin Edwards Inc. raised its stake in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth approximately $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in Spotify Technology during the 3rd quarter valued at $40,000. Institutional investors own 84.09% of the company’s stock.

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.