Barclays Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its price target hoisted by investment analysts at Barclays from $385.00 to $475.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 0.54% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. Evercore ISI raised their price target on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Pivotal Research lifted their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday. Macquarie boosted their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research report on Wednesday, July 24th. Finally, Rosenblatt Securities upped their target price on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. One 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’s stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Trading Up 2.2 %

Shares of SPOT stock opened at $477.59 on Wednesday. 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 $95.06 billion, a P/E ratio of 129.78 and a beta of 1.56. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69. The stock has a 50-day simple moving average of $372.46 and a 200 day simple moving average of $335.65.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the second quarter worth approximately $25,000. Benjamin Edwards Inc. raised its position in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. Mather Group LLC. boosted its holdings in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology during the third quarter worth about $40,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.