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

Spotify Technology (NYSE:SPOT) had its price objective upped by equities researchers at Macquarie from $395.00 to $500.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s target price indicates a potential upside of 4.69% from the company’s current price.

Other equities analysts have also issued reports about the company. Pivotal Research raised their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Wells Fargo & Company upped their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America raised their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

SPOT opened at $477.59 on Wednesday. The company has a market capitalization of $95.07 billion, a price-to-earnings ratio of 131.68 and a beta of 1.56. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $372.46 and a 200-day moving average price of $335.65. Spotify Technology has a twelve month low of $170.62 and a twelve month high of $489.69.

Institutional Investors Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in Spotify Technology during the 2nd quarter valued at approximately $25,000. Benjamin Edwards Inc. boosted its stake in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. increased its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the period. Asset Dedication LLC bought a new position in Spotify Technology in the second quarter worth about $35,000. Finally, Larson Financial Group LLC lifted its holdings in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. 84.09% of the stock is currently owned by institutional investors.

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.