The Goldman Sachs Group upgraded shares of Spotify Technology (NYSE:SPOT – Free Report) from a neutral rating to a buy rating in a research report released on Wednesday morning, Marketbeat Ratings reports. The firm currently has $425.00 price objective on the stock, up from their previous price objective of $320.00.
Several other research analysts also recently weighed in on SPOT. Raymond James upped their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a research report on Monday, April 15th. HSBC upped their price target on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a buy rating in a research report on Wednesday, April 24th. Redburn Atlantic reiterated a sell rating and issued a $230.00 price objective on shares of Spotify Technology in a report on Wednesday, July 10th. Rosenblatt Securities reiterated a buy rating and issued a $396.00 price objective on shares of Spotify Technology in a report on Tuesday, June 4th. Finally, Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the company a buy rating in a report on Monday, April 22nd. One research 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 company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $353.15.
Check Out Our Latest Stock Analysis on SPOT
Spotify Technology Trading Down 2.1 %
Spotify Technology (NYSE:SPOT – Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the firm earned ($1.69) EPS. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 5.71 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Spotify Technology
A number of hedge funds have recently made changes to their positions in SPOT. GQG Partners LLC purchased a new position in shares of Spotify Technology during the 1st quarter worth approximately $610,040,000. Swedbank AB acquired a new stake in Spotify Technology during the 1st quarter worth approximately $198,663,000. Norges Bank acquired a new stake in Spotify Technology during the 4th quarter worth approximately $92,429,000. 1832 Asset Management L.P. acquired a new stake in Spotify Technology during the 4th quarter worth approximately $83,094,000. Finally, Envestnet Asset Management Inc. lifted its holdings in Spotify Technology by 327.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after buying an additional 299,700 shares in the last quarter. 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.
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