Spotify Technology (NYSE:SPOT) PT Raised to $277.00 at The Goldman Sachs Group

Spotify Technology (NYSE:SPOT) had its price target increased by equities 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 presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential downside of 4.22% from the company’s previous close.

Several other equities analysts have also commented on SPOT. Pivotal Research increased their target price on shares of Spotify Technology from $330.00 to $390.00 and gave the company a “buy” rating in a report on Friday, April 5th. KeyCorp increased their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday. Rosenblatt Securities increased their target price on shares of Spotify Technology from $300.00 to $315.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, HSBC began coverage on shares of Spotify Technology in a report on Wednesday, March 27th. They set a “buy” rating and a $310.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $265.24.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $289.20 on Wednesday. The company’s fifty day moving average price is $266.24 and its 200-day moving average price is $213.35. The firm has a market capitalization of $57.36 billion, a price-to-earnings ratio of -97.70 and a beta of 1.63. Spotify Technology has a one year low of $128.67 and a one year high of $313.16.

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 firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.43) EPS. As a group, equities research analysts expect that Spotify Technology will post 3.51 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Pitcairn Co. increased its stake in Spotify Technology by 2.1% during the 4th quarter. Pitcairn Co. now owns 2,070 shares of the company’s stock valued at $389,000 after purchasing an additional 43 shares in the last quarter. Lindbrook Capital LLC increased its stake in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares in the last quarter. Signaturefd LLC increased its stake in Spotify Technology by 4.4% during the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after purchasing an additional 51 shares in the last quarter. Summit Trail Advisors LLC increased its stake in Spotify Technology by 3.5% during the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after purchasing an additional 56 shares in the last quarter. Finally, Private Trust Co. NA increased its stake in Spotify Technology by 18.4% during the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after purchasing an additional 57 shares in the last quarter. 84.09% of the stock is currently owned by 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.