Spotify Technology (NYSE:SPOT) Price Target Raised to $470.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by Wells Fargo & Company from $420.00 to $470.00 in a research report report published on Monday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. Morgan Stanley raised their target price on Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research report on Wednesday, July 24th. Macquarie lifted their price objective on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Redburn Atlantic reissued a “sell” rating and issued a $230.00 price objective on shares of Spotify Technology in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $376.21.

Spotify Technology Stock Up 0.6 %

Shares of NYSE:SPOT opened at $393.73 on Monday. The firm has a market cap of $74.89 billion, a P/E ratio of -587.66 and a beta of 1.58. 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 $161.39 and a 12-month high of $397.20. The business has a fifty day simple moving average of $359.73 and a 200 day simple moving average of $327.72.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. West Bancorporation Inc. boosted its stake in Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares during the last quarter. Custom Index Systems LLC boosted its stake in Spotify Technology by 3.0% during the 3rd quarter. Custom Index Systems LLC now owns 1,150 shares of the company’s stock valued at $424,000 after purchasing an additional 33 shares during the last quarter. Clearbridge Investments LLC boosted its stake in Spotify Technology by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after purchasing an additional 38 shares during the last quarter. Cigna Investments Inc. New boosted its stake in Spotify Technology by 3.3% during the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after purchasing an additional 40 shares during the last quarter. Finally, Moody Lynn & Lieberson LLC boosted its stake in shares of Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock worth $2,147,000 after buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.