Fintel reports that on July 26, 2023, Goldman Sachs maintained coverage of Spotify Technology (NYSE:SPOT) with a Neutral recommendation.
Analyst Price Forecast Suggests 16.01% Upside
As of July 6, 2023, the average one-year price target for Spotify Technology is 162.86. The forecasts range from a low of 90.90 to a high of $208.67. The average price target represents an increase of 16.01% from its latest reported closing price of 140.38.
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The projected annual revenue for Spotify Technology is 13,855MM, an increase of 11.54%. The projected annual non-GAAP EPS is -1.88.
What is the Fund Sentiment?
There are 909 funds or institutions reporting positions in Spotify Technology. This is an increase of 47 owner(s) or 5.45% in the last quarter. Average portfolio weight of all funds dedicated to SPOT is 0.57%, an increase of 25.17%. Total shares owned by institutions decreased in the last three months by 0.46% to 116,038K shares. The put/call ratio of SPOT is 1.12, 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.
T. Rowe Price Investment Management holds 3,042K shares representing 1.56% ownership of the company. In it’s prior filing, the firm reported owning 2,734K shares, representing an increase of 10.12%. The firm increased its portfolio allocation in SPOT by 75.95% 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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