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

Spotify Technology (NYSE:SPOT) had its target price raised 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 brokerages have also recently issued reports on SPOT. Rosenblatt Securities lifted their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Bank of America lifted their price target on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Guggenheim lifted their price target on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Barclays lifted 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, November 13th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Down 4.0 %

Shares of SPOT stock opened at $458.32 on Thursday. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $489.69. The stock’s 50-day moving average price is $378.15 and its 200-day moving average price is $338.61. The stock has a market capitalization of $91.23 billion, a price-to-earnings ratio of 124.54 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its earnings results 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 during the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology will post 6.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the business. Transcendent Capital Group LLC bought a new position in Spotify Technology in the second quarter worth approximately $25,000. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the third quarter worth approximately $26,000. Benjamin Edwards Inc. increased its position in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. increased its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, Asset Dedication LLC acquired a new position in shares of Spotify Technology during the second quarter worth $35,000. Institutional investors own 84.09% of the company’s stock.

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.