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

Spotify Technology (NYSE:SPOT) had its price objective upped by Benchmark from $430.00 to $440.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the stock. 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 report on Wednesday, November 6th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday, July 24th. Barclays boosted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Guggenheim boosted their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Macquarie raised their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

Shares of SPOT opened at $477.59 on Monday. Spotify Technology has a 1 year low of $170.62 and a 1 year high of $489.69. 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 stock’s fifty day moving average price is $372.46 and its two-hundred day moving average price is $335.65. The firm has a market cap of $95.07 billion, a PE ratio of 131.68 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SPOT. Aigen Investment Management LP grew its holdings in shares of Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares during the last quarter. Perpetual Ltd raised its stake in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares during the last quarter. Pathway Capital Management LP boosted its holdings in shares of Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares during the period. Jag Capital Management LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $13,569,000. Finally, TD Asset Management Inc raised its position in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares during the last quarter. 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.