Spotify Technology (NYSE:SPOT) Price Target Raised to $460.00

Spotify Technology (NYSE:SPOT) had its price target increased by Morgan Stanley from $430.00 to $460.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also weighed in on the company. Macquarie upped their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Wells Fargo & Company raised their price objective on shares of Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. KeyCorp boosted their target price on shares of Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. TD Cowen raised their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

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

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of SPOT. First Horizon Advisors Inc. increased its holdings in shares of Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. boosted its position in Spotify Technology by 3.4% during 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 period. Avior Wealth Management LLC grew its holdings in Spotify Technology by 12.0% during the third 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 last quarter. Washington Trust Advisors Inc. raised its position in shares of Spotify Technology by 12.0% in the third 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 period. Finally, Rakuten Securities Inc. lifted its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by 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.