Spotify Technology (NYSE:SPOT) Price Target Raised to $490.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by The Goldman Sachs Group from $430.00 to $490.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also weighed in on the company. Barclays boosted their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday. Pivotal Research upped their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley lifted their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday. Evercore ISI increased their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, TD Cowen lifted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday. One investment 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Down 4.0 %

SPOT stock opened at $458.32 on Thursday. The stock’s 50 day moving average is $378.15 and its two-hundred day moving average is $338.24. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. The company has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 6.09 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Transcendent Capital Group LLC acquired a new stake in Spotify Technology during the second quarter valued at approximately $25,000. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter valued at $26,000. Benjamin Edwards Inc. boosted 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 in the last quarter. Mather Group LLC. grew its holdings in shares of 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. Finally, Asset Dedication LLC acquired a new stake in shares of Spotify Technology during the second quarter worth $35,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.