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

Spotify Technology (NYSE:SPOT) had its price target hoisted by The Goldman Sachs Group from $235.00 to $277.00 in a research report report published on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other research firms also recently weighed in on SPOT. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $280.00 to $320.00 and gave the company an overweight rating in a report on Monday, April 8th. Benchmark raised their price target on Spotify Technology from $260.00 to $290.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. KeyCorp lifted their price objective on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target on the stock in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company upped their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $265.24.

Spotify Technology Trading Down 4.6 %

SPOT stock opened at $275.79 on Wednesday. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $313.16. The company has a market cap of $54.70 billion, a P/E ratio of -93.17 and a beta of 1.63. The company’s 50-day moving average price is $266.94 and its 200 day moving average price is $214.16.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. The firm had revenue of $3.67 billion during 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% on a year-over-year basis. During the same period last year, the business posted ($1.43) EPS. On average, equities research analysts expect that Spotify Technology will post 3.51 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently added to or reduced their stakes in the company. Pitcairn Co. grew its stake in shares of Spotify Technology by 2.1% during the fourth quarter. Pitcairn Co. now owns 2,070 shares of the company’s stock valued at $389,000 after acquiring an additional 43 shares in the last quarter. Lindbrook Capital LLC increased its holdings in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the last quarter. Signaturefd LLC raised its position in shares of Spotify Technology by 4.4% in 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 boosted its stake in shares of 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 buying an additional 56 shares during the last quarter. Finally, Private Trust Co. NA increased its stake in shares of Spotify Technology by 18.4% in the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after buying an additional 57 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.