Spotify Technology (NYSE:SPOT) Price Target Raised to $775.00

Spotify Technology (NYSE:SPOT) had its target price increased by The Goldman Sachs Group from $680.00 to $775.00 in a report published on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other equities analysts have also issued reports on the company. Macquarie lifted their target price on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Evercore ISI lifted their target price on Spotify Technology from $650.00 to $750.00 and gave the company an “outperform” rating in a research note on Monday, June 16th. UBS Group lifted their target price on Spotify Technology from $680.00 to $895.00 and gave the company a “buy” rating in a research note on Friday, June 27th. Sanford C. Bernstein upgraded Spotify Technology to a “strong-buy” rating in a research note on Tuesday, June 3rd. Finally, Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $660.28.

Spotify Technology Trading Up 2.0%

Shares of Spotify Technology stock opened at $723.98 on Wednesday. The firm has a market cap of $148.20 billion, a P/E ratio of 120.06, a P/E/G ratio of 1.91 and a beta of 1.68. Spotify Technology has a 12 month low of $288.07 and a 12 month high of $785.00. The stock’s fifty day moving average price is $678.50 and its 200-day moving average price is $591.86.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter last year, the firm earned $0.97 EPS. Spotify Technology’s revenue for the quarter was up 15.2% on a year-over-year basis. Analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the company. GQG Partners LLC acquired a new position in Spotify Technology in the fourth quarter valued at approximately $800,725,000. Goldman Sachs Group Inc. lifted its holdings in Spotify Technology by 1,151.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock valued at $957,494,000 after acquiring an additional 1,601,653 shares during the period. Jennison Associates LLC lifted its holdings in Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares during the period. Geode Capital Management LLC lifted its holdings in Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after acquiring an additional 1,259,183 shares during the period. Finally, Norges Bank acquired a new position in Spotify Technology in the fourth quarter valued at approximately $396,028,000. 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.