Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Macquarie Analyst Says

Spotify Technology (NYSE:SPOT) had its target price lifted by investment analysts at Macquarie from $395.00 to $500.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price target indicates a potential upside of 6.98% from the company’s current price.

A number of other research firms have also commented on SPOT. Benchmark increased their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday. Guggenheim lifted their price target on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Phillip Securities reissued an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and raised their target price for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company boosted their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday. 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $412.72.

Spotify Technology Price Performance

NYSE:SPOT traded up $47.98 during trading hours on Wednesday, reaching $467.37. 11,965,479 shares of the company traded hands, compared to its average volume of 1,916,624. 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 firm’s 50-day moving average is $369.70 and its 200-day moving average is $334.73. The stock has a market cap of $93.03 billion, a P/E ratio of 127.00 and a beta of 1.56. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $473.00.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds have recently modified their holdings of the stock. Aigen Investment Management LP grew its position in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Perpetual Ltd grew its holdings in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Pathway Capital Management LP increased its stake in Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after buying an additional 11,042 shares during the period. Jag Capital Management LLC acquired a new position in Spotify Technology in the 3rd quarter worth $13,569,000. Finally, Northeast Investment Management lifted its stake in shares of Spotify Technology by 67.6% in the third quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock worth $4,788,000 after acquiring an additional 5,240 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.