Spotify Technology (NYSE:SPOT) Given New $500.00 Price Target at Macquarie

Spotify Technology (NYSE:SPOT) had its target price lifted by Macquarie from $395.00 to $500.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price target would suggest a potential upside of 6.98% from the company’s current price.

A number of other brokerages also recently commented on SPOT. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their target price for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley raised their target price on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday. One research 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $412.72.

Spotify Technology Price Performance

NYSE SPOT traded up $47.98 during trading hours on Wednesday, hitting $467.37. 11,965,479 shares of the company’s stock traded hands, compared to its average volume of 1,916,624. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The firm’s 50-day moving average is $369.70 and its 200-day moving average is $334.73. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $473.00. The company has a market capitalization of $93.03 billion, a PE ratio of 127.00 and a beta of 1.56.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently made changes to their positions in the stock. First Horizon Advisors Inc. boosted its holdings in Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after buying an additional 26 shares in the last quarter. West Bancorporation Inc. boosted its stake in shares of Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after acquiring an additional 27 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after acquiring an additional 30 shares during the period. Washington Trust Advisors Inc. increased its stake in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after purchasing an additional 32 shares in the last quarter. Finally, Rakuten Securities Inc. raised its holdings in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.