Spotify Technology (NYSE:SPOT) Price Target Raised to $565.00

Spotify Technology (NYSE:SPOT) had its target price lifted by Pivotal Research from $510.00 to $565.00 in a research note released on Wednesday morning, Marketbeat reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley upped their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday. Evercore ISI upped their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. Macquarie upped their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, TD Cowen raised their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

SPOT stock opened at $458.49 on Wednesday. The firm has a 50 day moving average of $378.15 and a 200-day moving average of $337.83. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56. Spotify Technology has a 12 month low of $170.62 and a 12 month high of $489.69.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. grew its stake in shares of Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares during the last quarter. Avior Wealth Management LLC increased its holdings in Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after purchasing an additional 30 shares during the period. Washington Trust Advisors Inc. raised its position in Spotify Technology by 12.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after purchasing an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its holdings in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the period. 84.09% of the stock is owned by hedge funds and other 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.