Spotify Technology (NYSE:SPOT) Price Target Raised to $520.00

Spotify Technology (NYSE:SPOT) had its price objective upped by Wells Fargo & Company from $470.00 to $520.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages also recently commented on SPOT. Pivotal Research upped their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday. TD Cowen lifted their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. Finally, Barclays boosted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $412.72.

Spotify Technology Stock Up 11.4 %

Shares of SPOT opened at $467.34 on Wednesday. The business’s fifty day moving average price is $369.70 and its two-hundred day moving average price is $334.73. The firm has a market capitalization of $93.03 billion, a price-to-earnings ratio of 126.99 and a beta of 1.56. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $473.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Institutional Trading of Spotify Technology

Institutional investors have recently bought and sold shares of the company. GQG Partners LLC bought a new position in shares of Spotify Technology during the 1st quarter worth approximately $610,040,000. Swedbank AB bought a new position in Spotify Technology in the 1st quarter valued at about $198,663,000. WCM Investment Management LLC boosted its stake in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after purchasing an additional 333,782 shares in the last quarter. 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.