Canaccord Genuity Group Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price lifted by Canaccord Genuity Group from $475.00 to $525.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently commented on SPOT. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. Morgan Stanley upped their price target on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday. KeyCorp lifted their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped their price objective for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, Piper Sandler upped their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday. One 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 company. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Down 3.5 %

SPOT stock traded down $16.56 during trading hours on Thursday, hitting $460.94. The company’s stock had a trading volume of 1,816,991 shares, compared to its average volume of 1,930,620. 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 company has a market capitalization of $91.75 billion, a PE ratio of 128.37 and a beta of 1.56. Spotify Technology has a 12 month low of $170.62 and a 12 month high of $489.69. The stock has a 50 day moving average price of $375.44 and a two-hundred day moving average price of $336.64.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently added to or reduced their stakes in the stock. GQG Partners LLC acquired a new stake in Spotify Technology in the 1st quarter valued at $610,040,000. Swedbank AB acquired a new stake in Spotify Technology in the 1st quarter valued at $198,663,000. WCM Investment Management LLC increased 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 buying an additional 605,755 shares during the last quarter. International Assets Investment Management LLC increased its stake 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 buying an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after buying an additional 333,782 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

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.