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 published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on SPOT. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a research report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Evercore ISI raised their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, KeyCorp upped their price target 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. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $412.72.

Spotify Technology Stock Up 11.4 %

SPOT stock opened at $467.34 on Monday. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $473.00. 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 company has a market cap of $93.03 billion, a P/E ratio of 126.99 and a beta of 1.56. The company’s 50-day moving average price is $369.70 and its 200 day moving average price is $334.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aigen Investment Management LP lifted its position in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares in the last quarter. Perpetual Ltd raised its stake in shares of Spotify Technology by 24.3% in the 3rd 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 period. Pathway Capital Management LP lifted its holdings in shares of Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Jag Capital Management LLC purchased a new stake in Spotify Technology during the 3rd quarter worth $13,569,000. Finally, TD Asset Management Inc increased its holdings in Spotify Technology by 2.4% in 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 in the last quarter. Institutional investors and hedge funds 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.