Phillip Securities Reiterates Accumulate Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT)‘s stock had its “accumulate” rating reaffirmed by equities research analysts at Phillip Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $485.00 price target on the stock, up from their prior price target of $420.00. Phillip Securities’ target price would indicate a potential upside of 1.55% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. KeyCorp lifted their target price on shares of Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Macquarie upped their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Pivotal Research boosted their price target on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Trading Up 2.2 %

NYSE:SPOT opened at $477.59 on Wednesday. The company has a market capitalization of $95.06 billion, a PE ratio of 129.78 and a beta of 1.56. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. The stock’s 50 day moving average price is $372.46 and its 200 day moving average price is $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 Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. GQG Partners LLC acquired a new position in shares of Spotify Technology in the first quarter worth $610,040,000. Swedbank AB purchased a new stake in Spotify Technology during the 1st quarter worth about $198,663,000. WCM Investment Management LLC raised its stake in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Spotify Technology by 36,910.0% in 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 in the last quarter. Finally, Sei Investments Co. boosted 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 last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.