Spotify Technology’s (SPOT) “Accumulate” Rating Reaffirmed at Phillip Securities

Phillip Securities reaffirmed their accumulate rating on shares of Spotify Technology (NYSE:SPOT) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $485.00 price objective on the stock, up from their prior price objective of $420.00.

A number of other brokerages have also recently issued reports on SPOT. Benchmark raised their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. Barclays boosted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Macquarie lifted their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $412.72.

Spotify Technology Stock Performance

Shares of SPOT opened at $467.34 on Wednesday. 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 business’s 50 day moving average is $369.70 and its two-hundred day moving average is $334.73. The firm has a market cap of $93.03 billion, a price-to-earnings ratio of 126.99 and a beta of 1.56. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $473.00.

Institutional Trading of Spotify Technology

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

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.