Goldman Sachs Group Cuts Spotify (SPOT) Price Target to $200.00

Spotify (NASDAQ:SPOT) had its price target reduced by stock analysts at Goldman Sachs Group from $230.00 to $200.00 in a research note issued to investors on Tuesday, The Fly reports. The firm currently has a “buy” rating on the stock. Goldman Sachs Group’s price objective would suggest a potential upside of 41.16% from the company’s current price.

Several other brokerages also recently issued reports on SPOT. BTIG Research started coverage on Spotify in a research report on Monday, July 23rd. They issued a “buy” rating and a $230.00 price objective on the stock. Buckingham Research upped their price objective on Spotify from $195.00 to $201.00 and gave the company a “buy” rating in a research report on Friday, July 20th. Zacks Investment Research downgraded Spotify from a “hold” rating to a “sell” rating in a research report on Friday, July 27th. JPMorgan Chase & Co. upped their price objective on Spotify from $190.00 to $225.00 and gave the company an “overweight” rating in a research report on Friday, July 27th. Finally, MKM Partners upped their price objective on Spotify from $200.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $204.50.

Shares of NASDAQ:SPOT traded up $2.57 on Tuesday, hitting $141.68. The company had a trading volume of 3,070,767 shares, compared to its average volume of 2,069,597. Spotify has a 52-week low of $131.01 and a 52-week high of $198.99.

A number of institutional investors have recently added to or reduced their stakes in SPOT. Alecta Pensionsforsakring Omsesidigt acquired a new stake in Spotify during the second quarter worth about $256,474,000. Atria Investments LLC acquired a new stake in Spotify during the second quarter worth about $224,000. Bank of Montreal Can acquired a new stake in Spotify during the second quarter worth about $361,000. Baillie Gifford & Co. acquired a new stake in Spotify during the second quarter worth about $2,181,995,000. Finally, Essex Investment Management Co. LLC acquired a new stake in Spotify during the second quarter worth about $7,339,000.

About Spotify

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

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