Guggenheim Reaffirms Buy Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT)‘s stock had its “buy” rating reaffirmed by analysts at Guggenheim in a report released on Monday,Benzinga reports. They currently have a $675.00 target price on the stock. Guggenheim’s price target would suggest a potential upside of 12.73% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Macquarie lifted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. KeyCorp raised their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. lifted their target price on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Stock Performance

Shares of SPOT stock traded down $8.62 during trading on Monday, hitting $598.76. 339,119 shares of the company were exchanged, compared to its average volume of 2,010,090. The business’s 50-day simple moving average is $523.55 and its 200 day simple moving average is $437.29. Spotify Technology has a twelve month low of $249.38 and a twelve month high of $652.63. The firm has a market capitalization of $119.18 billion, a price-to-earnings ratio of 100.69 and a beta of 1.63.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently modified their holdings of the business. Auxano Advisors LLC boosted its holdings in Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. grew its position in Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after buying an additional 25 shares in the last quarter. Covenant Partners LLC raised its holdings in Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after acquiring an additional 25 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Spotify Technology by 5.8% during the 3rd 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 period. Finally, Harbour Investments Inc. grew its holdings in shares of Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock worth $99,000 after purchasing an additional 26 shares in 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.