Spotify Technology (NYSE:SPOT) Earns “Accumulate” Rating from Phillip Securities

Spotify Technology (NYSE:SPOT)‘s stock had its “accumulate” rating reiterated by research analysts at Phillip Securities in a research report issued on Wednesday,Benzinga reports. They currently have a $485.00 target price on the stock, up from their previous target price of $420.00. Phillip Securities’ price target would suggest a potential upside of 1.55% from the company’s current price.

SPOT has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Benchmark raised their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft upped their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Evercore ISI raised their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Wells Fargo & Company upped their target price on shares of Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Up 2.2 %

Shares of SPOT opened at $477.59 on Wednesday. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $489.69. The firm has a market capitalization of $95.06 billion, a P/E ratio of 129.78 and a beta of 1.56. The firm has a 50-day moving average price of $372.46 and a 200 day moving average price of $335.65. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the 2nd quarter worth about $25,000. Benjamin Edwards Inc. raised its position in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares in the last quarter. Larson Financial Group LLC lifted its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. Mather Group LLC. boosted its holdings in Spotify Technology by 9,900.0% in 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. Finally, V Square Quantitative Management LLC purchased a new position in Spotify Technology in the third quarter valued at approximately $40,000. 84.09% of the stock is owned by hedge funds and other 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.