Spotify Technology (NYSE:SPOT) Price Target Raised to $525.00 at Canaccord Genuity Group

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

SPOT has been the topic of a number of other research reports. Wells Fargo & Company increased their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday. Macquarie increased their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday. Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday. 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 research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday. 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. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Trading Down 3.5 %

NYSE SPOT traded down $16.56 during mid-day trading on Thursday, reaching $460.94. 1,816,991 shares of the stock were exchanged, compared to its average volume of 1,930,620. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $91.75 billion, a PE ratio of 128.37 and a beta of 1.56. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $489.69. The business’s fifty day simple moving average is $375.44 and its 200 day simple moving average is $336.64.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology in the second quarter worth approximately $25,000. Benjamin Edwards Inc. grew its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares in the last quarter. Asset Dedication LLC purchased a new position in Spotify Technology during the second quarter valued at approximately $35,000. Finally, Larson Financial Group LLC grew its position in 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 purchasing an additional 33 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.