The Goldman Sachs Group Boosts Spotify Technology (NYSE:SPOT) Price Target to $695.00

Spotify Technology (NYSE:SPOT) had its price objective raised by The Goldman Sachs Group from $550.00 to $695.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 11.37% from the company’s current price.

A number of other research analysts have also recently commented on the stock. UBS Group boosted their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Macquarie boosted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Morgan Stanley boosted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Barclays boosted their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Price Performance

SPOT stock traded down $1.94 during midday trading on Thursday, reaching $624.06. 960,125 shares of the company’s stock traded hands, compared to its average volume of 2,084,251. The company has a market capitalization of $124.22 billion, a P/E ratio of 169.56 and a beta of 1.63. Spotify Technology has a fifty-two week low of $227.52 and a fifty-two week high of $630.77. The business has a 50-day moving average price of $488.02 and a two-hundred day moving average price of $410.89.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. As a group, research analysts forecast that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Spotify Technology by 108.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 150,804 shares of the company’s stock worth $67,467,000 after acquiring an additional 78,499 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in shares of Spotify Technology by 4.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company’s stock worth $927,000 after acquiring an additional 85 shares during the period. Auxano Advisors LLC increased its holdings in shares of Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after acquiring an additional 20 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $401,000. Finally, LGT Fund Management Co Ltd. acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $2,559,000. Institutional investors and hedge funds 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.