Canaccord Genuity Group Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its price target hoisted by equities researchers at Canaccord Genuity Group from $475.00 to $525.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 14.51% from the company’s current price.

Several other brokerages also recently weighed in on SPOT. Piper Sandler increased their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday. KeyCorp lifted their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday. DZ Bank upgraded shares of 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. Macquarie boosted their target price on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, TD Cowen raised their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $458.49 on Thursday. The stock’s 50-day moving average price is $378.15 and its 200 day moving average price is $337.83. 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 $91.26 billion, a PE ratio of 124.59 and a beta of 1.56. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69.

Institutional Trading of Spotify Technology

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in Spotify Technology by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 224,209 shares of the company’s stock valued at $82,628,000 after purchasing an additional 14,426 shares in the last quarter. Aequim Alternative Investments LP purchased a new stake in shares of Spotify Technology during the third quarter worth about $3,943,000. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the third quarter valued at approximately $26,000. M&T Bank Corp lifted its stake in shares of Spotify Technology by 5.5% during the third quarter. M&T Bank Corp now owns 26,991 shares of the company’s stock valued at $9,947,000 after buying an additional 1,395 shares during the period. Finally, Continuum Advisory LLC boosted its position in Spotify Technology by 12.2% during the third quarter. Continuum Advisory LLC now owns 313 shares of the company’s stock worth $115,000 after acquiring an additional 34 shares during the last quarter. Institutional investors and hedge funds 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.