Spotify Technology (NYSE:SPOT) Given New $500.00 Price Target at Macquarie

Spotify Technology (NYSE:SPOT) had its price objective lifted by Macquarie from $395.00 to $500.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages also recently issued reports on SPOT. KeyCorp boosted their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Morgan Stanley upped their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday. Guggenheim lifted their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $412.72.

Spotify Technology Stock Performance

SPOT opened at $467.34 on Wednesday. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $473.00. The company has a market cap of $93.03 billion, a price-to-earnings ratio of 126.99 and a beta of 1.56. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $369.70 and its 200 day moving average is $334.73.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. WCM Investment Management LLC increased its stake in Spotify Technology by 18.5% in the third 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 during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. GQG Partners LLC purchased a new position in Spotify Technology in the 1st quarter worth about $610,040,000. FMR LLC boosted its position in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the period. Finally, Bamco Inc. NY grew its stake in 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 currently owned by hedge funds and other institutional investors.

Spotify Technology Company Profile

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.