Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Spotify Technology (NYSE:SPOT) had its price target lifted by investment analysts at Canaccord Genuity Group from $475.00 to $525.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 9.17% from the stock’s previous close.

Several other equities analysts have also recently commented on SPOT. KeyCorp upped their price target on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday. Bank of America lifted their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday. Evercore ISI increased their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Benchmark lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday. Finally, Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $419.45.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $13.55 on Thursday, hitting $480.92. 1,480,261 shares of the company were exchanged, compared to its average volume of 1,915,026. The company’s 50 day moving average price is $372.46 and its two-hundred day moving average price is $335.65. The firm has a market capitalization of $95.73 billion, a price-to-earnings ratio of 130.68 and a beta of 1.56. 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 one year low of $170.62 and a one year high of $485.00.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Castle Hook Partners LP boosted its stake in Spotify Technology by 83.5% in the 3rd quarter. Castle Hook Partners LP now owns 401,286 shares of the company’s stock worth $147,886,000 after purchasing an additional 182,601 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Spotify Technology by 34.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company’s stock valued at $807,000 after purchasing an additional 565 shares during the last quarter. CreativeOne Wealth LLC lifted its position in shares of Spotify Technology by 40.1% in the third quarter. CreativeOne Wealth LLC now owns 1,669 shares of the company’s stock worth $615,000 after purchasing an additional 478 shares in the last quarter. Townsquare Capital LLC boosted its holdings in Spotify Technology by 7.8% during the third quarter. Townsquare Capital LLC now owns 994 shares of the company’s stock worth $366,000 after purchasing an additional 72 shares during the last quarter. Finally, Lazard Freres Gestion S.A.S. bought a new position in Spotify Technology in the third quarter valued at $2,727,000. 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.