Spotify Technology (NYSE:SPOT) Earns Buy Rating from Guggenheim

Spotify Technology (NYSE:SPOT)‘s stock had its “buy” rating reiterated by Guggenheim in a note issued to investors on Monday,Benzinga reports. They currently have a $675.00 target price on the stock. Guggenheim’s target price indicates a potential upside of 14.78% from the company’s previous close.

Several other equities research analysts have also recently weighed in on SPOT. Morgan Stanley upped their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Canaccord Genuity Group lifted their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Piper Sandler increased their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, The Goldman Sachs Group upped their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology Stock Performance

Spotify Technology stock opened at $588.06 on Monday. The company has a market capitalization of $117.06 billion, a PE ratio of 98.83 and a beta of 1.63. The company has a 50 day moving average price of $528.15 and a 200-day moving average price of $440.89. Spotify Technology has a fifty-two week low of $249.38 and a fifty-two week high of $652.63.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of the stock. Aigen Investment Management LP raised its holdings in shares of Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in Spotify Technology in the 4th quarter worth $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology during the 4th quarter worth about $214,000. Finally, Pathway Capital Management LP grew its stake in Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares during the last quarter. 84.09% of the stock is currently 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.