Spotify Technology (NYSE:SPOT) Upgraded to “Strong-Buy” at DZ Bank

DZ Bank upgraded shares of Spotify Technology (NYSE:SPOT) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also commented on SPOT. UBS Group dropped their target price on Spotify Technology from $895.00 to $850.00 and set a “buy” rating on the stock in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. BNP Paribas Exane assumed coverage on Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective on the stock. Barclays dropped their price objective on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $730.09.

Spotify Technology Stock Down 2.3%

Spotify Technology stock opened at $629.57 on Tuesday. The firm has a market cap of $128.88 billion, a price-to-earnings ratio of 152.81, a price-to-earnings-growth ratio of 3.39 and a beta of 1.67. Spotify Technology has a 52 week low of $376.04 and a 52 week high of $785.00. The business’s 50-day moving average price is $689.26 and its 200 day moving average price is $682.79.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Goldman Sachs Group Inc. raised its position in Spotify Technology by 1,151.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the period. Jennison Associates LLC raised its position in Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Norges Bank purchased a new stake in Spotify Technology in the second quarter valued at $768,915,000. Nuveen LLC purchased a new stake in Spotify Technology in the first quarter valued at $383,139,000. Finally, Principal Financial Group Inc. raised its position in Spotify Technology by 3,534.9% in the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after purchasing an additional 555,752 shares during the period. Hedge funds and other institutional investors 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.