The Goldman Sachs Group Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

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

A number of other equities analysts also recently issued reports on the stock. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday. Guggenheim lifted their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Bank of America upped their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research note on Wednesday, July 24th. Finally, Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday. One equities research 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 company. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Performance

SPOT stock opened at $458.49 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $489.69. The business has a 50-day moving average price of $378.15 and a 200 day moving average price of $337.83. The company has a market capitalization of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently bought and sold shares of the business. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the 2nd quarter valued at about $25,000. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology during the third quarter worth about $26,000. Benjamin Edwards Inc. raised its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Mather Group LLC. lifted its holdings in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares during the period. Finally, Asset Dedication LLC purchased a new stake in Spotify Technology in the 2nd quarter worth approximately $35,000. 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.