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

Guggenheim restated their buy rating on shares of Spotify Technology (NYSE:SPOT) in a research note issued to investors on Monday morning,Benzinga reports. Guggenheim currently has a $675.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Bank of America upped their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Pivotal Research upped their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Price Performance

Spotify Technology stock opened at $602.53 on Monday. The firm has a market capitalization of $119.94 billion, a P/E ratio of 101.27 and a beta of 1.63. Spotify Technology has a 1-year low of $249.38 and a 1-year high of $652.63. The company’s 50-day moving average is $531.23 and its 200 day moving average is $442.02.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC acquired a new position in shares of Spotify Technology during the fourth quarter valued at about $1,335,575,000. GQG Partners LLC purchased a new stake in Spotify Technology during the 4th quarter worth approximately $800,725,000. Forsta AP Fonden acquired a new position in Spotify Technology during the 4th quarter valued at approximately $619,600,000. Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Spotify Technology during the fourth quarter worth $396,028,000. 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.