Spotify Technology (NYSE:SPOT) Given New $490.00 Price Target at The Goldman Sachs Group

Spotify Technology (NYSE:SPOT) had its price objective raised by The Goldman Sachs Group from $430.00 to $490.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also weighed in on SPOT. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research note on Thursday. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday. Evercore ISI boosted their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Barclays raised their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Benchmark boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Price Performance

NYSE SPOT traded down $17.25 during trading hours on Thursday, hitting $460.25. 1,702,953 shares of the company’s stock traded hands, compared to its average volume of 1,930,107. The company has a market capitalization of $91.61 billion, a PE ratio of 128.37 and a beta of 1.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. The firm’s 50-day moving average is $375.44 and its 200-day moving average is $336.64.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently modified their holdings of the business. Transcendent Capital Group LLC bought a new position in Spotify Technology during the second quarter valued at $25,000. Benjamin Edwards Inc. grew its stake in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Mather Group LLC. increased its holdings in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the last quarter. Asset Dedication LLC bought a new stake in Spotify Technology in the 2nd quarter valued at about $35,000. Finally, Larson Financial Group LLC lifted its holdings in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

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.