Spotify Technology (NYSE:SPOT) Given New $450.00 Price Target at Piper Sandler

Spotify Technology (NYSE:SPOT) had its price target boosted by Piper Sandler from $330.00 to $450.00 in a research note released on Wednesday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other research analysts have also issued reports on the company. Wells Fargo & Company increased their target price on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a report on Wednesday, July 24th. Macquarie boosted their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, KeyCorp boosted their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $412.72.

Spotify Technology Price Performance

NYSE:SPOT opened at $467.34 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $473.00. The stock’s 50-day moving average price is $369.70 and its 200-day moving average price is $334.73. The stock has a market capitalization of $93.03 billion, a PE ratio of 126.99 and a beta of 1.56.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPOT. Oppenheimer & Co. Inc. acquired a new position in shares of Spotify Technology in the 1st quarter valued at $342,000. Avantax Advisory Services Inc. purchased a new stake in shares of Spotify Technology in the first quarter valued at about $218,000. Bleakley Financial Group LLC boosted its stake in shares of Spotify Technology by 11.4% during the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock worth $456,000 after buying an additional 177 shares during the period. Entropy Technologies LP purchased a new position in shares of Spotify Technology during the first quarter worth about $1,127,000. Finally, Vanguard Group Inc. increased its position in Spotify Technology by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after acquiring an additional 23,675 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.