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

Spotify Technology (NYSE:SPOT) had its price objective hoisted by analysts at The Goldman Sachs Group from $235.00 to $277.00 in a report released 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 6.17% from the company’s current price.

A number of other equities analysts have also recently commented on SPOT. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target for the company in a report on Wednesday, February 7th. Macquarie reiterated an “outperform” rating and set a $300.00 price target (up previously from $232.00) on shares of Spotify Technology in a report on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James boosted their price objective on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Benchmark boosted their price objective on Spotify Technology from $260.00 to $290.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $263.84.

Spotify Technology Trading Down 1.0 %

Shares of NYSE SPOT traded down $2.87 during mid-day trading on Wednesday, hitting $295.21. The company had a trading volume of 905,398 shares, compared to its average volume of 1,896,762. The company has a market capitalization of $58.55 billion, a PE ratio of -100.00 and a beta of 1.63. The firm has a 50-day simple moving average of $264.19 and a two-hundred day simple moving average of $212.25. Spotify Technology has a one year low of $128.67 and a one year high of $313.16.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. grew its stake in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology during the fourth quarter worth $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth $32,000. Quarry LP bought a new stake in shares of Spotify Technology during the second quarter worth $35,000. Finally, LM Advisors LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth $37,000. 84.09% of the stock is currently 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.