Spotify Technology (NYSE:SPOT) Receives “Buy” Rating from Guggenheim

Spotify Technology (NYSE:SPOT)‘s stock had its “buy” rating reiterated by research analysts at Guggenheim in a note issued to investors on Monday,Benzinga reports. They presently have a $675.00 price objective on the stock. Guggenheim’s price objective indicates a potential upside of 12.73% from the stock’s current price.

A number of other analysts also recently commented on SPOT. Piper Sandler upped their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Macquarie boosted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Barclays boosted their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Benchmark lifted their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology Price Performance

Spotify Technology stock traded down $8.62 during mid-day trading on Monday, hitting $598.76. 339,119 shares of the company were exchanged, compared to its average volume of 2,010,090. The company has a market capitalization of $119.18 billion, a P/E ratio of 100.69 and a beta of 1.63. Spotify Technology has a 12-month low of $249.38 and a 12-month high of $652.63. The business’s 50 day simple moving average is $523.55 and its two-hundred day simple moving average is $437.29.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds have recently modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the third quarter valued at about $26,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $26,000. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology in the 4th quarter worth approximately $27,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter worth approximately $33,000. Finally, Larson Financial Group LLC raised its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. 84.09% of the stock is owned by hedge funds and other 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.