Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, TD Cowen Analyst Says

Spotify Technology (NYSE:SPOT) had its price target lifted by equities researchers at TD Cowen from $356.00 to $416.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price target would suggest a potential downside of 12.90% from the company’s previous close.

A number of other brokerages have also recently issued reports on SPOT. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a research note on Wednesday, July 24th. Morgan Stanley raised their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday. Evercore ISI boosted their price objective on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Macquarie lifted their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $477.59 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. The company has a fifty day moving average of $372.46 and a 200-day moving average of $335.65. The stock has a market capitalization of $95.06 billion, a price-to-earnings ratio of 129.78 and a beta of 1.56.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of SPOT. GQG Partners LLC purchased a new position in Spotify Technology in the first quarter worth about $610,040,000. Swedbank AB bought a new stake in Spotify Technology during the 1st quarter valued at approximately $198,663,000. WCM Investment Management LLC boosted its position in shares of Spotify Technology by 18.5% during the third 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 during the last quarter. International Assets Investment Management LLC grew its stake in Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after acquiring an additional 346,585 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after acquiring an additional 333,782 shares during the last quarter. 84.09% of the stock is currently 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.