Spotify Technology (NYSE:SPOT) Price Target Raised to $550.00

Spotify Technology (NYSE:SPOT) had its target price lifted by The Goldman Sachs Group from $490.00 to $550.00 in a research report sent to investors on Wednesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

SPOT has been the topic of several other research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. 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 report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company increased their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Bank of America lifted their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $433.36.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $459.82 on Wednesday. Spotify Technology has a 1 year low of $191.88 and a 1 year high of $506.47. The stock has a fifty day moving average price of $460.14 and a two-hundred day moving average price of $383.82. The firm has a market cap of $91.53 billion, a P/E ratio of 124.95 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. Spotify Technology’s revenue was up 18.8% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post 6.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Aigen Investment Management LP increased its holdings in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares during the period. Pathway Capital Management LP grew its position in Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares during the period. Perpetual Ltd raised its position in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Covenant Asset Management LLC acquired a new position in Spotify Technology in the third quarter valued at approximately $3,364,000. Finally, Jag Capital Management LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $13,569,000. 84.09% of the stock is owned by hedge funds and other 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.