Macquarie Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its target price hoisted by research analysts at Macquarie from $395.00 to $500.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price objective would suggest a potential upside of 4.69% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. TD Cowen raised their price objective on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Benchmark lifted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. 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 stock. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Up 2.2 %

Shares of NYSE:SPOT opened at $477.59 on Wednesday. The firm has a market cap of $95.07 billion, a P/E ratio of 131.68 and a beta of 1.56. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $489.69. The business has a fifty day simple moving average of $372.46 and a 200 day simple moving average of $335.65. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Trading of Spotify Technology

Several institutional investors have recently made changes to their positions in the company. GQG Partners LLC purchased a new stake in Spotify Technology in the 1st quarter valued at about $610,040,000. Swedbank AB bought a new stake in Spotify Technology during the first quarter worth $198,663,000. WCM Investment Management LLC boosted its position 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 last quarter. International Assets Investment Management LLC increased its position in shares of Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after purchasing an additional 333,782 shares during the period. 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.