Spotify Technology (NYSE:SPOT) PT Raised to $317.00 at The Goldman Sachs Group

Spotify Technology (NYSE:SPOT) had its target price hoisted by equities research analysts at The Goldman Sachs Group from $277.00 to $317.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 12.97% from the company’s previous close.

SPOT has been the subject of a number of other research reports. UBS Group raised their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Bank of America raised their price target on shares of Spotify Technology from $265.00 to $315.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Barclays raised their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, April 10th. Pivotal Research raised their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Loop Capital raised their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $290.85.

Spotify Technology Price Performance

SPOT stock traded down $22.70 during trading on Wednesday, reaching $280.61. The company had a trading volume of 4,708,982 shares, compared to its average volume of 2,135,399. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30. The company has a market cap of $55.65 billion, a P/E ratio of -96.36 and a beta of 1.63. The business has a 50 day moving average of $269.00 and a 200 day moving average of $216.78.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter last year, the firm earned ($1.24) earnings per share. Research analysts expect that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Lindbrook Capital LLC increased its holdings in Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the last quarter. Signaturefd LLC increased its holdings in Spotify Technology by 4.4% in the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in Spotify Technology by 3.5% in the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after acquiring an additional 56 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after buying an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN increased its holdings in shares of Spotify Technology by 6.7% in the 4th quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock worth $180,000 after buying an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.