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

Spotify Technology (NYSE:SPOT) had its price objective hoisted by research analysts at The Goldman Sachs Group from $235.00 to $277.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 4.22% from the stock’s previous close.

Other analysts have also issued reports about the stock. Benchmark upped their price objective on shares of Spotify Technology from $260.00 to $290.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Barclays upped their price objective on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 10th. UBS Group upped their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Raymond James upped their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Rosenblatt Securities raised their price target on shares of Spotify Technology from $300.00 to $315.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $265.24.

Spotify Technology Trading Down 1.5 %

Shares of SPOT opened at $289.20 on Wednesday. The firm has a market capitalization of $57.36 billion, a P/E ratio of -97.70 and a beta of 1.63. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $313.16. The firm has a fifty day moving average price of $266.24 and a 200-day moving average price of $213.35.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm earned ($1.43) earnings per share. The business’s revenue was up 16.0% on a year-over-year basis. Analysts predict that Spotify Technology will post 3.51 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently bought and sold shares of the business. Integrity Wealth Solutions LLC purchased a new position in Spotify Technology during the 1st quarter worth approximately $343,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Spotify Technology by 157.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock valued at $1,138,000 after purchasing an additional 2,635 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at approximately $40,000. Brookstone Capital Management increased its holdings in shares of Spotify Technology by 5.0% during the 1st quarter. Brookstone Capital Management now owns 1,280 shares of the company’s stock valued at $338,000 after purchasing an additional 61 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at approximately $525,000. 84.09% of the stock is owned by hedge funds and other 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.