Spotify Technology (NYSE:SPOT) Stock Rating Upgraded by DZ Bank

Spotify Technology (NYSE:SPOT) was upgraded by analysts at DZ Bank from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also issued reports on SPOT. BNP Paribas Exane started coverage on Spotify Technology in a research report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price target on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Spotify Technology in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Barclays cut their price objective on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Finally, Oppenheimer upped their target price on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $731.81.

Spotify Technology Price Performance

SPOT opened at $629.57 on Tuesday. The stock’s 50 day simple moving average is $689.26 and its 200 day simple moving average is $682.79. Spotify Technology has a 1 year low of $376.04 and a 1 year high of $785.00. The firm has a market cap of $128.88 billion, a price-to-earnings ratio of 152.81, a PEG ratio of 3.39 and a beta of 1.67.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. boosted its position in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Cornerstone Planning Group LLC boosted its position in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after purchasing an additional 41 shares in the last quarter. Finally, Total Investment Management Inc. bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $29,000. 84.09% of the stock is currently owned by 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.