Spotify Technology (NYSE:SPOT) Price Target Raised to $500.00

Spotify Technology (NYSE:SPOT) had its target price upped by Macquarie from $395.00 to $500.00 in a report released on Wednesday morning,Benzinga reports. Macquarie currently has an outperform rating on the stock.

Other equities research analysts have also issued reports about the company. Pivotal Research raised their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley raised 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 price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Piper Sandler increased their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. One 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 stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

SPOT opened at $458.49 on Wednesday. The firm has a market capitalization of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56. The stock has a fifty day moving average of $378.15 and a 200-day moving average of $337.83. 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.

Institutional Investors Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Transcendent Capital Group LLC bought a new stake in Spotify Technology in the 2nd quarter valued at $25,000. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter valued at about $26,000. Benjamin Edwards Inc. lifted its stake in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares in the last quarter. Finally, Asset Dedication LLC bought a new position in Spotify Technology during the second quarter valued at about $35,000. Institutional investors and hedge funds 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.