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

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective raised by Macquarie from $600.00 to $665.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Macquarie's price target suggests a potential upside of 7.06% from the company's current price.

Several other research firms have also commented on SPOT. KeyCorp decreased their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Redburn Atlantic initiated coverage on Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. Morgan Stanley upped their price objective on Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Benchmark lifted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Finally, Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a research report on Monday, April 21st. Seven research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and an average price target of $596.26.

Spotify Technology Price Performance

Shares of NYSE SPOT traded up $15.21 during trading on Friday, hitting $621.16. The stock had a trading volume of 2,578,076 shares, compared to its average volume of 2,093,580. The firm has a fifty day moving average of $571.23 and a two-hundred day moving average of $508.40. Spotify Technology has a 12 month low of $280.37 and a 12 month high of $652.63. The company has a market capitalization of $127.16 billion, a PE ratio of 104.40 and a beta of 1.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mpwm Advisory Solutions LLC purchased a new position in Spotify Technology in the 4th quarter worth approximately $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology during the fourth quarter valued at about $27,000. Tsfg LLC bought a new stake in Spotify Technology during the first quarter worth about $28,000. Copia Wealth Management purchased a new position in shares of Spotify Technology in the 4th quarter worth about $29,000. Finally, North Star Investment Management Corp. increased its position in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

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.