Spotify Technology (NYSE:SPOT) Price Target Raised to $450.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by stock analysts at Piper Sandler from $330.00 to $450.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would indicate a potential downside of 5.78% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Macquarie increased their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Guggenheim increased their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft upped their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Wednesday, July 24th. Finally, Benchmark increased their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday. 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Trading Up 2.2 %

Shares of SPOT stock opened at $477.59 on Wednesday. The business’s 50 day moving average is $372.46 and its two-hundred day moving average is $335.65. 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 12 month low of $170.62 and a 12 month high of $489.69. The company has a market cap of $95.06 billion, a PE ratio of 129.78 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Paloma Partners Management Co boosted its position in Spotify Technology by 99.4% during the 3rd quarter. Paloma Partners Management Co now owns 18,759 shares of the company’s stock worth $6,913,000 after acquiring an additional 9,350 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in Spotify Technology by 82.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 18,671 shares of the company’s stock valued at $6,881,000 after purchasing an additional 8,443 shares during the last quarter. Kestra Investment Management LLC bought a new position in Spotify Technology in the third quarter valued at approximately $780,000. Kolinsky Wealth Management LLC increased its position in shares of Spotify Technology by 11.6% during the 3rd quarter. Kolinsky Wealth Management LLC now owns 1,342 shares of the company’s stock worth $495,000 after purchasing an additional 140 shares during the last quarter. Finally, Point72 Europe London LLP bought a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $5,883,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.