Spotify Technology (NYSE:SPOT) Given New $277.00 Price Target at The Goldman Sachs Group

Spotify Technology (NYSE:SPOT) had its target price hoisted by research analysts at The Goldman Sachs Group from $235.00 to $277.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 6.17% from the company’s current price.

SPOT has been the topic of a number of other reports. Barclays lifted their target price on Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Bank of America lifted their target price on Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Macquarie restated an “outperform” rating and issued a $300.00 target price (up from $232.00) on shares of Spotify Technology in a report on Wednesday, February 7th. TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Finally, Raymond James lifted their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $263.84.

Spotify Technology Stock Down 1.0 %

NYSE:SPOT traded down $2.87 during trading hours on Wednesday, reaching $295.21. 905,398 shares of the stock were exchanged, compared to its average volume of 1,896,762. The firm has a 50 day simple moving average of $264.19 and a 200-day simple moving average of $212.25. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $313.16. The stock has a market capitalization of $58.55 billion, a P/E ratio of -100.00 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its 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 for the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. Spotify Technology’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the business posted ($1.43) EPS. As a group, analysts expect that Spotify Technology will post 3.51 earnings per share for the current year.

Institutional Trading of Spotify Technology

Institutional investors have recently bought and sold shares of the company. Technology Crossover Management XI Ltd. lifted its position in shares of Spotify Technology by 36.2% in the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after buying an additional 344,841 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Spotify Technology by 7.9% in the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after purchasing an additional 18,105 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Spotify Technology by 410.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after purchasing an additional 78,609 shares during the period. GSA Capital Partners LLP increased its stake in shares of Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after purchasing an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. increased its stake in shares of Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after purchasing an additional 72,000 shares during the period. Institutional investors and hedge funds 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.