Fintel reports that on June 28, 2023, Goldman Sachs maintained coverage of Spotify Technology (NYSE:SPOT) with a Neutral recommendation.

Analyst Price Forecast Suggests 0.33% Downside

As of June 1, 2023, the average one-year price target for Spotify Technology is 158.09. The forecasts range from a low of 90.90 to a high of $208.67. The average price target represents a decrease of 0.33% from its latest reported closing price of 158.62.

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The projected annual revenue for Spotify Technology is 13,855MM, an increase of 14.43%. The projected annual non-GAAP EPS is -1.88.

What is the Fund Sentiment?

There are 917 funds or institutions reporting positions in Spotify Technology. This is an increase of 63 owner(s) or 7.38% in the last quarter. Average portfolio weight of all funds dedicated to SPOT is 0.56%, an increase of 35.54%. Total shares owned by institutions decreased in the last three months by 0.22% to 116,992K shares. The put/call ratio of SPOT is 1.16, indicating a bearish outlook.

What are Other Shareholders Doing?

Baillie Gifford holds 27,495K shares representing 14.11% ownership of the company. In it’s prior filing, the firm reported owning 27,938K shares, representing a decrease of 1.61%. The firm increased its portfolio allocation in SPOT by 44.21% over the last quarter.

VWIGX – Vanguard International Growth Fund Investor Shares holds 9,425K shares representing 4.84% ownership of the company. No change in the last quarter.

Price T Rowe Associates holds 8,708K shares representing 4.47% ownership of the company. In it’s prior filing, the firm reported owning 9,701K shares, representing a decrease of 11.40%. The firm increased its portfolio allocation in SPOT by 41.38% over the last quarter.

Technology Crossover Management VIII holds 3,618K shares representing 1.86% ownership of the company. No change in the last quarter.

Alecta Pensionsforsakring, Omsesidigt holds 3,376K shares representing 1.73% ownership of the company. In it’s prior filing, the firm reported owning 3,926K shares, representing a decrease of 16.29%. The firm increased its portfolio allocation in SPOT by 55.00% over the last quarter.

Spotify Technology Background Information
(This description is provided by the company.)

Spotify is the world’s most popular audio streaming subscription service with a community of 345 million Monthly Active Users and 155 million Premium Subscribers. With a presence in 93 markets, and more than 70 million tracks including over 2 million podcast titles, it has transformed the way people access and enjoy music and podcasts.

This article originally appeared on Fintel

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