Spotify Technology (NYSE:SPOT) Price Target Raised to $525.00

by · The Cerbat Gem

Spotify Technology (NYSE:SPOT – Get Free Report) had its price objective upped by analysts at Canaccord Genuity Group from $475.00 to $525.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 9.17% from the company’s current price.

Several other equities analysts have also commented on the stock. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a report on Wednesday, July 24th. Benchmark lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. KeyCorp raised their price objective on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Macquarie increased their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $419.45.

View Our Latest Research Report on Spotify Technology

Spotify Technology Price Performance

NYSE:SPOT traded up $13.55 during trading hours on Thursday, reaching $480.92. 1,480,261 shares of the company were exchanged, compared to its average volume of 1,915,026. The business has a 50 day moving average of $372.46 and a 200 day moving average of $335.65. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $485.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market capitalization of $95.73 billion, a P/E ratio of 130.68 and a beta of 1.56.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. WCM Investment Management LLC increased its holdings in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after buying an additional 102,786 shares during the last quarter. GQG Partners LLC purchased a new stake in Spotify Technology in the 1st quarter valued at $610,040,000. FMR LLC lifted its stake in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Finally, Bamco Inc. NY grew its stake in shares of Spotify Technology by 28.3% in the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after acquiring an additional 190,931 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

About Spotify Technology

(Get Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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