The Goldman Sachs Group Increases Spotify Technology (NYSE:SPOT) Price Target to $277.00

Spotify Technology (NYSE:SPOT) had its target price boosted by The Goldman Sachs Group from $235.00 to $277.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also issued reports on SPOT. TheStreet upgraded shares of Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Morgan Stanley raised their price objective on Spotify Technology from $250.00 to $270.00 and gave the stock an overweight rating in a research report on Wednesday, February 7th. Barclays upped their target price on Spotify Technology from $270.00 to $335.00 and gave the company an overweight rating in a research note on Wednesday, April 10th. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target on the stock in a report on Wednesday, February 7th. Finally, Macquarie reaffirmed an outperform rating and set a $300.00 price objective (up from $232.00) on shares of Spotify Technology in a report on Wednesday, February 7th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $265.24.

Spotify Technology Stock Performance

Spotify Technology stock opened at $275.79 on Wednesday. The business’s 50-day simple moving average is $266.94 and its 200-day simple moving average is $214.16. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $313.16. The firm has a market capitalization of $54.70 billion, a PE ratio of -93.17 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.43) earnings per share. Research analysts forecast that Spotify Technology will post 3.51 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of the business. Pitcairn Co. boosted its position in shares of Spotify Technology by 2.1% in the 4th quarter. Pitcairn Co. now owns 2,070 shares of the company’s stock worth $389,000 after purchasing an additional 43 shares during the last quarter. Lindbrook Capital LLC lifted its stake in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after buying an additional 50 shares during the period. Signaturefd LLC boosted its holdings in Spotify Technology by 4.4% during the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after buying an additional 51 shares during the last quarter. Summit Trail Advisors LLC boosted its holdings in Spotify Technology by 3.5% during the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after buying an additional 56 shares during the last quarter. Finally, Private Trust Co. NA grew its position in shares of Spotify Technology by 18.4% during 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 period. 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.