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

Spotify Technology (NYSE:SPOT) had its price objective increased by research analysts at Benchmark from $800.00 to $860.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 36.60% from the company’s current price.

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Citigroup upped their price objective on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a research note on Tuesday, September 9th. Wells Fargo & Company boosted their price target on Spotify Technology from $740.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, July 29th. Morgan Stanley lowered their price target on Spotify Technology from $850.00 to $800.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $731.97.

Spotify Technology Price Performance

NYSE:SPOT opened at $629.57 on Wednesday. Spotify Technology has a one year low of $376.04 and a one year high of $785.00. The company has a fifty day moving average price of $689.26 and a 200 day moving average price of $682.79. The stock has a market cap of $128.88 billion, a P/E ratio of 152.81, a PEG ratio of 3.39 and a beta of 1.67.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently modified their holdings of the business. Mutual Advisors LLC bought a new stake in shares of Spotify Technology during the first quarter worth approximately $187,000. Concurrent Investment Advisors LLC boosted its stake in Spotify Technology by 4.6% in the first quarter. Concurrent Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $737,000 after acquiring an additional 59 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its holdings in Spotify Technology by 14.6% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 818 shares of the company’s stock worth $450,000 after acquiring an additional 104 shares during the period. Crossmark Global Holdings Inc. raised its position in shares of Spotify Technology by 51.5% during the 1st quarter. Crossmark Global Holdings Inc. now owns 1,136 shares of the company’s stock valued at $625,000 after acquiring an additional 386 shares during the last quarter. Finally, Brown Advisory Inc. raised its position in shares of Spotify Technology by 886.7% during the 1st quarter. Brown Advisory Inc. now owns 35,186 shares of the company’s stock valued at $19,353,000 after acquiring an additional 31,620 shares during 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.