Spotify Technology (NYSE:SPOT) Price Target Raised to $440.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by Benchmark from $430.00 to $440.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

SPOT has been the topic of several other reports. Morgan Stanley increased their price objective on Spotify Technology from $400.00 to $430.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. TD Cowen lifted their price objective on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Pivotal Research upped their target price on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One equities research 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $412.72.

Spotify Technology Price Performance

Shares of SPOT opened at $467.34 on Monday. The company has a market cap of $93.03 billion, a P/E ratio of 126.99 and a beta of 1.56. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $473.00. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $369.70 and its 200 day moving average price is $334.73.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently modified their holdings of SPOT. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the 1st quarter worth $610,040,000. Swedbank AB purchased a new position in Spotify Technology during the first quarter worth about $198,663,000. WCM Investment Management LLC raised its holdings in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. International Assets Investment Management LLC lifted its position in Spotify Technology by 36,910.0% in the third 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 period. Finally, Sei Investments Co. boosted its holdings in Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares in the last quarter. Hedge funds and other 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.