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

Spotify Technology (NYSE:SPOT) had its price objective hoisted by stock analysts at The Goldman Sachs Group from $490.00 to $550.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 18.83% from the company’s current price.

A number of other equities analysts have also recently weighed in on the stock. Bank of America increased their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. KeyCorp lifted their price objective on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Phillip Securities restated an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Finally, TD Cowen boosted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $432.11.

Spotify Technology Stock Down 1.3 %

SPOT stock opened at $462.85 on Wednesday. Spotify Technology has a 52-week low of $191.88 and a 52-week high of $506.47. The stock has a market cap of $92.13 billion, a price-to-earnings ratio of 125.77 and a beta of 1.62. The business has a fifty day moving average of $455.01 and a two-hundred day moving average of $381.45.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion during 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 firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 6.02 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter valued at $26,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its stake 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 buying an additional 33 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Spotify Technology during the second quarter worth approximately $39,000. 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.