The Goldman Sachs Group Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its target price increased by equities research analysts at The Goldman Sachs Group from $430.00 to $490.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 1.12% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Benchmark boosted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday. Pivotal Research upped their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays lifted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday. Finally, DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Up 3.7 %

Shares of Spotify Technology stock traded up $17.20 during midday trading on Thursday, reaching $484.57. 2,105,942 shares of the company’s stock traded hands, compared to its average volume of 1,917,858. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $485.95. The company’s 50 day simple moving average is $372.46 and its 200 day simple moving average is $335.65. The company has a market cap of $96.46 billion, a price-to-earnings ratio of 131.68 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in SPOT. Oppenheimer & Co. Inc. bought a new stake in Spotify Technology during the first quarter worth about $342,000. Avantax Advisory Services Inc. bought a new position in Spotify Technology in the 1st quarter valued at $218,000. Bleakley Financial Group LLC boosted its stake in Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock worth $456,000 after purchasing an additional 177 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after purchasing an additional 23,675 shares during the last quarter. Finally, Edgestream Partners L.P. grew its holdings in shares of Spotify Technology by 186.2% during the first quarter. Edgestream Partners L.P. now owns 20,153 shares of the company’s stock worth $5,318,000 after purchasing an additional 13,111 shares during the last quarter. 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.