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

Spotify Technology (NYSE:SPOT) had its price objective lifted by equities researchers at Canaccord Genuity Group from $475.00 to $525.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 14.51% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Barclays increased their target price on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday. Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Finally, Morgan Stanley boosted their target price on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Down 4.0 %

Shares of SPOT stock opened at $458.49 on Thursday. The firm’s 50-day simple moving average is $378.15 and its 200-day simple moving average is $337.83. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $489.69. The firm has a market cap of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology in the 2nd quarter valued at approximately $25,000. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter worth $26,000. Benjamin Edwards Inc. increased its stake in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Mather Group LLC. raised its holdings in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the period. Finally, Asset Dedication LLC bought a new position in shares of Spotify Technology in the 2nd quarter worth about $35,000. Institutional investors own 84.09% of the company’s stock.

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.