Morgan Stanley Increases Spotify Technology (NYSE:SPOT) Price Target to $430.00

Spotify Technology (NYSE:SPOT) had its price objective increased by Morgan Stanley from $400.00 to $430.00 in a report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on the company. Macquarie raised 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. Pivotal Research raised their price objective on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. KeyCorp raised their price objective on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Benchmark restated a “buy” rating and set a $405.00 price objective on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and raised their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $369.43.

Spotify Technology Trading Up 0.6 %

Shares of SPOT stock opened at $379.16 on Wednesday. Spotify Technology has a 52-week low of $155.00 and a 52-week high of $389.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $72.12 billion, a PE ratio of -565.91 and a beta of 1.58. The stock has a fifty day simple moving average of $357.03 and a two-hundred day simple moving average of $325.69.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after acquiring an additional 18,731 shares in the last quarter. Perpetual Ltd increased its holdings in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares during the period. TD Asset Management Inc increased its holdings in Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after buying an additional 12,192 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in Spotify Technology by 121.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after buying an additional 4,060 shares during the period. Finally, Ritholtz Wealth Management increased its holdings in Spotify Technology by 64.7% during the third quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock valued at $1,657,000 after buying an additional 1,765 shares during the period. 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.