Spotify Technology (NYSE:SPOT) Price Target Raised to $416.00 at TD Cowen

Spotify Technology (NYSE:SPOT) had its target price hoisted by equities research analysts at TD Cowen from $356.00 to $416.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s target price would suggest a potential downside of 10.89% from the company’s current price.

SPOT has been the topic of a number of other reports. Pivotal Research lifted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Evercore ISI raised their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped 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 issued a buy rating to the company. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $409.10.

Spotify Technology Stock Performance

NYSE:SPOT traded up $47.46 during trading hours on Wednesday, reaching $466.85. 8,550,917 shares of the company’s stock were exchanged, compared to its average volume of 1,901,104. 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 firm has a market capitalization of $92.93 billion, a price-to-earnings ratio of 126.58 and a beta of 1.56. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $472.00. The company has a 50-day moving average of $369.70 and a 200 day moving average of $334.73.

Institutional Trading of Spotify Technology

Large investors have recently added to or reduced their stakes in the company. Lazard Freres Gestion S.A.S. bought a new stake in shares of Spotify Technology in the 3rd quarter worth about $2,727,000. Brooklyn Investment Group purchased a new stake in Spotify Technology in the third quarter valued at about $69,000. FMR LLC raised its stake in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the last quarter. Dai ichi Life Insurance Company Ltd boosted its position in Spotify Technology by 1.6% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 22,394 shares of the company’s stock worth $8,253,000 after purchasing an additional 351 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in Spotify Technology by 123.8% during the third quarter. Bank of Montreal Can now owns 312,726 shares of the company’s stock worth $115,458,000 after acquiring an additional 172,985 shares during the last quarter. Institutional investors 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.