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

Spotify Technology (NYSE:SPOT) had its price target increased by equities research analysts at TD Cowen from $356.00 to $416.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s price target would indicate a potential downside of 12.90% from the company’s current price.

SPOT has been the topic of a number of other reports. Pivotal Research raised their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays raised their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday. Wells Fargo & Company increased their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley boosted their target price on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Phillip Securities reiterated an “accumulate” rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday. One research 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

SPOT stock opened at $477.59 on Wednesday. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $489.69. 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 stock has a 50-day moving average price of $372.46 and a 200-day moving average price of $335.65. The firm has a market cap of $95.06 billion, a PE ratio of 129.78 and a beta of 1.56.

Institutional Trading of Spotify Technology

Several hedge funds have recently added to or reduced their stakes in SPOT. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $25,000. Benjamin Edwards Inc. increased its position in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the last quarter. Mather Group LLC. raised its position in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in Spotify Technology during the 3rd quarter worth about $40,000. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.