The Goldman Sachs Group Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective hoisted by stock analysts at The Goldman Sachs Group from $430.00 to $490.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 6.87% from the company’s previous close.

Other research analysts have also issued research reports about the company. Rosenblatt Securities increased their target price on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a report on Wednesday, July 24th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday. Barclays lifted their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Pivotal Research boosted their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

NYSE SPOT opened at $458.49 on Thursday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a twelve month low of $170.62 and a twelve month high of $489.69. The stock has a 50-day moving average of $378.15 and a 200 day moving average of $337.83. The stock has a market capitalization of $91.26 billion, a price-to-earnings ratio of 124.59 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. increased its position in shares of Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. lifted its position in Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after buying an additional 27 shares during the last quarter. Avior Wealth Management LLC boosted its stake in Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after buying an additional 30 shares during the period. Washington Trust Advisors Inc. increased its position in shares of Spotify Technology by 12.0% during the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after acquiring an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. raised its stake in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.