Spotify Technology (NYSE:SPOT) Given New $525.00 Price Target at Canaccord Genuity Group

Spotify Technology (NYSE:SPOT - Free Report) had its target price upped by Canaccord Genuity Group from $475.00 to $525.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on the company. Pivotal Research lifted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday. KeyCorp increased their price target on Spotify Technology from $490.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday. Bank of America upped 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. Phillip Securities restated an "accumulate" rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday. Finally, Guggenheim boosted their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a "buy" rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus target price of $421.69.

Spotify Technology Stock Up 2.2 %

Spotify Technology stock traded up $10.22 during trading hours on Thursday, hitting $477.59. The stock had a trading volume of 5,038,379 shares, compared to its average volume of 1,931,116. The stock's 50-day moving average price is $372.46 and its 200-day moving average price is $335.65. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $489.69. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $95.07 billion, a P/E ratio of 131.68 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Europe London LLP acquired a new position in shares of Spotify Technology during the third quarter valued at $5,883,000. Fred Alger Management LLC boosted its position in shares of Spotify Technology by 26.1% during the third quarter. Fred Alger Management LLC now owns 442,557 shares of the company's stock worth $163,096,000 after buying an additional 91,680 shares during the period. Captrust Financial Advisors grew its holdings in Spotify Technology by 6.4% in the 3rd quarter. Captrust Financial Advisors now owns 41,805 shares of the company's stock worth $15,406,000 after buying an additional 2,502 shares in the last quarter. Castle Hook Partners LP increased its position in Spotify Technology by 83.5% in the 3rd quarter. Castle Hook Partners LP now owns 401,286 shares of the company's stock valued at $147,886,000 after acquiring an additional 182,601 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Spotify Technology by 34.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company's stock valued at $807,000 after acquiring an additional 565 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

About Spotify Technology

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.