Fintel reports that on July 26, 2023, Deutsche Bank upgraded their outlook for Spotify Technology (NYSE:SPOT) from Hold to Buy.

Analyst Price Forecast Suggests 16.01% Upside

As of July 6, 2023, the average one-year price target for Spotify Technology is 162.86. The forecasts range from a low of 90.90 to a high of $208.67. The average price target represents an increase of 16.01% from its latest reported closing price of 140.38.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Spotify Technology is 13,855MM, an increase of 11.54%. The projected annual non-GAAP EPS is -1.88.

What is the Fund Sentiment?

There are 909 funds or institutions reporting positions in Spotify Technology. This is an increase of 47 owner(s) or 5.45% in the last quarter. Average portfolio weight of all funds dedicated to SPOT is 0.57%, an increase of 25.17%. Total shares owned by institutions decreased in the last three months by 0.46% to 116,038K shares. The put/call ratio of SPOT is 1.12, indicating a bearish outlook.

What are Other Shareholders Doing?

Baillie Gifford holds 27,495K shares representing 14.11% ownership of the company. In it’s prior filing, the firm reported owning 27,938K shares, representing a decrease of 1.61%. The firm increased its portfolio allocation in SPOT by 44.21% over the last quarter.

VWIGX – Vanguard International Growth Fund Investor Shares holds 9,425K shares representing 4.84% ownership of the company. No change in the last quarter.

Price T Rowe Associates holds 8,708K shares representing 4.47% ownership of the company. In it’s prior filing, the firm reported owning 9,701K shares, representing a decrease of 11.40%. The firm increased its portfolio allocation in SPOT by 41.38% over the last quarter.

Technology Crossover Management VIII holds 3,618K shares representing 1.86% ownership of the company. No change in the last quarter.

T. Rowe Price Investment Management holds 3,042K shares representing 1.56% ownership of the company. In it’s prior filing, the firm reported owning 2,734K shares, representing an increase of 10.12%. The firm increased its portfolio allocation in SPOT by 75.95% over the last quarter.

Spotify Technology Background Information
(This description is provided by the company.)

Spotify is the world’s most popular audio streaming subscription service with a community of 345 million Monthly Active Users and 155 million Premium Subscribers. With a presence in 93 markets, and more than 70 million tracks including over 2 million podcast titles, it has transformed the way people access and enjoy music and podcasts.

This article originally appeared on Fintel

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