Spotify Technology (NYSE:SPOT) Receives Accumulate Rating from Phillip Securities

Spotify Technology (NYSE:SPOT - Get Free Report)'s stock had its "accumulate" rating reissued by investment analysts at Phillip Securities in a research note issued on Wednesday,Benzinga reports. They presently have a $485.00 price target on the stock, up from their prior price target of $420.00. Phillip Securities' target price would indicate a potential upside of 2.57% from the stock's current price.

SPOT has been the subject of a number of other research reports. Barclays raised their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 24th. Evercore ISI increased their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $375.00 to $425.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. One equities 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 company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $409.10.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded up $53.47 during trading on Wednesday, hitting $472.86. 10,743,060 shares of the stock were exchanged, compared to its average volume of 1,911,068. The company has a fifty day moving average price of $369.70 and a 200-day moving average price of $334.73. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $473.00. The stock has a market capitalization of $94.12 billion, a price-to-earnings ratio of 126.58 and a beta of 1.56. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. boosted its holdings in Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company's stock valued at $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. increased its position in shares of Spotify Technology by 3.4% during the third quarter. West Bancorporation Inc. now owns 827 shares of the company's stock worth $305,000 after buying an additional 27 shares during the period. Avior Wealth Management LLC raised its stake in Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company's stock worth $104,000 after buying an additional 30 shares during the last quarter. Washington Trust Advisors Inc. lifted its holdings in Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company's stock valued at $110,000 after buying an additional 32 shares during the period. Finally, Rakuten Securities Inc. boosted its position in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock valued at $41,000 after acquiring an additional 32 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

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.