Guggenheim Raises Spotify Technology (SPOT) Price Target to $650

Guggenheim kept its upbeat stance on Spotify Technology S.A. (NYSE:SPOT) on October 23, 2026, giving the music and podcast streaming platform a Buy rating while lifting its price target to $650.00 from $575.00. Wall Street research notes published on the same day show analysts updating their models following the company's recent operational updates and steady engagement growth across its subscription and ad-supported tiers. Spotify shares closed at $574.19 on the day of the announcement.

SPOT Spotify Technology S.A.

$583.66 ▲ +1.51% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Guggenheim's Call on Spotify Technology S.A.

In its research note on October 23, 2026, Guggenheim kept a Buy rating on Spotify and raised its target to $650.00 from $575.00. Other firms also weighed in on the same day. Wells Fargo maintained an Overweight rating and lifted its target from $570.00 to $660.00. Barclays kept an Overweight rating and raised its target from $565.00 to $650.00. TD Cowen maintained a Hold rating with an unchanged target of $525.00. Citizens reiterated a Market Outperform rating with a flat target of $625.00. Consensus analyst data shows a general Buy recommendation with a mean price target of $627.99 across 37 analyst opinions.

Other Institutional Activity in Spotify Technology S.A.

Large money managers have been actively shifting their positions in the streaming giant. Baillie Gifford & Co held 7,928,451 shares worth about $4.55 billion after trimming its stake by 290,115 shares, or 3.5%. WCM Investment Management, LLC grew its holdings by 425,311 shares, ending with 2,840,477 shares worth about $1.63 billion following a 17.6% increase. AMF Tjanstepension reduced its stake by 25,000 shares, or 5.0%, ending with 475,000 shares valued at about $231.5 million. Ami Asset Management grew its holdings by 4,401 shares, or 5.8%, ending with 79,985 shares worth about $38.9 million. Meanwhile, Axxion S.A. completely exited its position by selling all 2,350 shares.

Spotify Technology S.A. Stock Up 9.5%

Spotify shares recently traded around $575.12, sitting up about 0.2% from their event-day close of $574.19. The stock trades above both its 50-day moving average of $524.29 and its 200-day moving average of $496.53. The company has a market capitalization of roughly $120.0 billion and a P/E ratio of 33.54.

Recent Earnings

Spotify reported trailing twelve-month revenue of $18.11 billion and earnings of $17.40 per share. The company posted a net profit margin of 18.4% and a return on equity of 44.5%. Its next quarterly earnings report is scheduled for release on February 9, 2027.

Insider Buying and Selling at Spotify Technology S.A.

Company insiders have recorded several share sales over recent months. Chief Executive Officer Alex Norstrom sold 5,436 shares valued at about $2.73 million on August 3, 2026. Officer Dustee Jenkins sold 3,810 shares worth about $1.95 million on August 14, 2026. Chief Executive Officer Gustav Stig Victor Soderstrom sold 20,913 shares worth about $11.38 million on September 14, 2026, followed by another sale of 20,910 shares valued at about $11.08 million on October 12, 2026.

About Spotify Technology S.A.

Based in Stockholm, Sweden, Spotify Technology S.A. operates an audio streaming platform that delivers music, podcasts, audiobooks, and video content to users worldwide through paid subscriptions and ad-supported services. The company connects millions of creators and listeners across global markets.

Bottom Line

Investors will look toward Spotify's upcoming earnings report on February 9, 2027, for further details on user growth and profit margins. Guggenheim's revised target points to continued confidence in the streaming service's platform expansion.