Spotify Technology’s (SPOT) Buy Rating Reiterated at Guggenheim

Guggenheim reaffirmed their buy rating on shares of Spotify Technology (NYSE:SPOT) in a research report sent to investors on Monday,Benzinga reports. Guggenheim currently has a $675.00 price target on the stock.

A number of other research analysts also recently weighed in on the company. Bank of America increased their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Benchmark raised their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology Price Performance

NYSE SPOT opened at $602.53 on Monday. The stock has a market capitalization of $119.94 billion, a price-to-earnings ratio of 101.27 and a beta of 1.63. Spotify Technology has a 1-year low of $249.38 and a 1-year high of $652.63. The business’s fifty day moving average price is $531.23 and its 200-day moving average price is $442.02.

Institutional Trading of Spotify Technology

A number of large investors have recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology in the fourth quarter worth $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the 4th quarter worth $27,000. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology in the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at about $33,000. Finally, Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% during the third 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 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.