TD Cowen Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its target price upped by TD Cowen from $356.00 to $416.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a hold rating on the stock.

Other equities analysts also recently issued reports about the company. Evercore ISI lifted their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Guggenheim upped their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Down 4.0 %

Spotify Technology stock opened at $458.49 on Wednesday. Spotify Technology has a 1 year low of $170.62 and a 1 year high of $489.69. The firm’s 50-day moving average is $378.15 and its 200-day moving average is $337.83. 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 company has a market cap of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at $26,000. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the second quarter valued at about $25,000. Benjamin Edwards Inc. boosted its holdings in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Larson Financial Group LLC increased its position in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares in the last quarter. Finally, Mather Group LLC. raised its holdings in shares of 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 acquiring an additional 99 shares during the period. 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.