The Goldman Sachs Group Increases Spotify Technology (NYSE:SPOT) Price Target to $317.00

Spotify Technology (NYSE:SPOT) had its price target increased by The Goldman Sachs Group from $277.00 to $317.00 in a research report released on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities analysts have also issued reports on SPOT. UBS Group boosted their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a report on Friday, April 5th. Deutsche Bank Aktiengesellschaft boosted 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, April 17th. Bank of America boosted their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a report on Wednesday, March 20th. HSBC started coverage on shares of Spotify Technology in a report on Wednesday, March 27th. They issued a buy rating and a $310.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $320.00 to $365.00 and gave the company an overweight rating in a report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Up 0.2 %

Shares of Spotify Technology stock opened at $289.68 on Wednesday. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30. The stock has a market cap of $57.45 billion, a price-to-earnings ratio of -432.35 and a beta of 1.63. The company’s fifty day moving average is $271.48 and its 200 day moving average is $218.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm posted ($1.24) earnings per share. As a group, equities analysts anticipate that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors have recently added to or reduced their stakes in SPOT. Wellington Management Group LLP grew its position in shares of Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares during the period. Schroder Investment Management Group grew its position in shares of Spotify Technology by 303.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after acquiring an additional 989,243 shares during the period. Artisan Partners Limited Partnership grew its position in shares of Spotify Technology by 194.7% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after acquiring an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after acquiring an additional 523,237 shares during the period. Finally, Norges Bank purchased a new stake in shares of Spotify Technology during the 4th quarter valued at approximately $92,429,000. 84.09% of the stock is 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.