Spotify Technology’s (SPOT) “Accumulate” Rating Reiterated at Phillip Securities

Phillip Securities restated their accumulate rating on shares of Spotify Technology (NYSE:SPOT) in a report released on Wednesday morning,Benzinga reports. The firm currently has a $485.00 price target on the stock, up from their prior price target of $420.00.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company upped their price objective on Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Macquarie increased their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Pivotal Research boosted their price objective on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, TD Cowen boosted their price target on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

NYSE:SPOT opened at $458.49 on Wednesday. The stock’s 50-day simple moving average is $378.15 and its 200 day simple moving average is $337.83. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. 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 Investors Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of the company. WCM Investment Management LLC boosted its position in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the 1st quarter valued at $610,040,000. State Street Corp increased its stake in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares in 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.