The Goldman Sachs Group Increases Spotify Technology (NYSE:SPOT) Price Target to $277.00

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price raised by analysts at The Goldman Sachs Group from $235.00 to $277.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's target price points to a potential downside of 5.68% from the stock's previous close.

Several other research firms have also weighed in on SPOT. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 31st. Morgan Stanley increased their price target on shares of Spotify Technology from $250.00 to $270.00 and gave the company an "overweight" rating in a report on Wednesday, February 7th. Macquarie reaffirmed an "outperform" rating and issued a $300.00 target price (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. UBS Group lifted their price target on Spotify Technology from $274.00 to $375.00 and gave the stock a "buy" rating in a report on Friday, April 5th. Finally, DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $240.00 target price for the company in a report on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $263.84.

Spotify Technology Stock Performance

SPOT traded down $4.40 on Wednesday, hitting $293.68. 1,470,796 shares of the company were exchanged, compared to its average volume of 1,905,051. The stock's fifty day moving average is $264.19 and its 200-day moving average is $212.25. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $313.16. The company has a market cap of $58.25 billion, a PE ratio of -100.00 and a beta of 1.63.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate 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 return on equity of 23.43% and a negative net margin of 4.01%. The business's quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous 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 fiscal year.

Institutional Trading of Spotify Technology

Hedge funds have recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC acquired a new stake in shares of Spotify Technology during the 1st quarter valued at $40,000. Pinnacle Bancorp Inc. acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $29,000. GAMMA Investing LLC bought a new position in Spotify Technology in the 4th quarter valued at approximately $32,000. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company's stock worth $27,000 after acquiring an additional 117 shares during the last quarter. Finally, LM Advisors LLC acquired a new position in Spotify Technology in the 4th quarter valued at approximately $37,000. 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.