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

On October 23, 2026, Oppenheimer maintained its Outperform rating on Spotify Technology S.A. (NYSE: SPOT) while raising its price target to $650.00 from $550.00. The note reflects the firm's forward-looking view on the streaming platform's growth prospects.

SPOT Spotify Technology S.A.

$583.66 ▲ +1.51% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Oppenheimer's Call on Spotify Technology S.A.

In its research note published on October 23, 2026, Oppenheimer reiterated an Outperform rating on Spotify Technology S.A. and lifted its target to $650.00 from $550.00. The updated target points to added room for growth from the previous level of $550.00.

Other Institutional Activity in Spotify Technology S.A.

Baillie Gifford & Co reduced its holdings by 290,115 shares, ending with 7,928,451 shares worth about $4.64 billion. Wcm Investment Management, LLC grew its holdings by 425,311 shares, ending with 2,840,477 shares worth about $1.66 billion. Jennison Associates LLC grew its holdings by 30,568 shares, ending with 2,809,432 shares worth about $1.64 billion. Fisher Asset Management, LLC grew its holdings by 85,946 shares, ending with 2,674,677 shares worth about $1.57 billion. Axxion S.A. cut its stake entirely, dropping 2,350 shares to finish with zero shares.

Spotify Technology S.A. Stock Up 11.3%

Spotify Technology S.A. shares recently traded around $584.75 as of October 23, 2026, closing at $585.29 on the day of the analyst update. The stock trades above both its 50-day moving average of $524.29 and its 200-day moving average of $496.54. Over the past 52 weeks, the shares have traded between a low of $405.00 and a high of $683.96.

Recent Earnings

Spotify Technology S.A. reported $18.11 billion in trailing twelve month revenue with earnings of $17.40 per share. The company posted a net profit margin of 18.4% and an annual revenue growth rate of 13.9%. The next earnings report is scheduled for February 9, 2027.

Insider Buying and Selling at Spotify Technology S.A.

Chief Executive Officer Alex Norstrom sold 5,436 shares on August 3, 2026, valued at about $2.73 million. Officer Dustee Jenkins sold 3,810 shares on August 14, 2026, worth about $1.95 million. Chief Executive Officer Gustav Stig Victor Soderstrom sold 20,913 shares on September 14, 2026, valued at about $11.38 million, and later sold another 20,910 shares on October 12, 2026, worth about $11.09 million.

Analysts Set New Price Targets

Several Wall Street firms updated their views on October 23, 2026. Morgan Stanley maintained its Overweight rating and raised its target from $640.00 to $700.00. Piper Sandler reiterated its Neutral rating and lifted its target from $540.00 to $580.00. JP Morgan maintained its Overweight rating and increased its target from $650.00 to $700.00. Evercore ISI Group maintained its Outperform rating and raised its target from $700.00 to $750.00. Across the wider analyst community, the stock holds a consensus buy rating with a mean price target of $628.00 based on 37 analyst opinions.

About Spotify Technology S.A.

Headquartered in Stockholm, Sweden, Spotify Technology S.A. operates audio streaming subscription services globally through its Premium and Ad-Supported segments. The platform delivers music, podcasts, audiobooks, and video content directly to end users and through partner networks.

Bottom Line

Oppenheimer's target increase to $650.00 joins a wider wave of positive analyst revisions for Spotify. Investors will look toward the company's next earnings report on February 9, 2027, for further details on subscription growth and financial performance.