Piper Sandler Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target raised by Piper Sandler from $330.00 to $450.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research analysts have also recently weighed in on SPOT. Evercore ISI upped their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. Phillip Securities reiterated an “accumulate” rating and set a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price target for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Trading Down 4.0 %

NYSE:SPOT opened at $458.49 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The business’s 50-day simple moving average is $378.15 and its 200-day simple moving average is $337.83. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69. The stock has a market capitalization of $91.26 billion, a PE ratio of 124.59 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. raised its position in shares of Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the period. West Bancorporation Inc. grew its stake in Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after buying an additional 27 shares during the last quarter. Avior Wealth Management LLC raised its holdings in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after acquiring an additional 30 shares during the period. Washington Trust Advisors Inc. lifted its position in Spotify Technology by 12.0% during the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after acquiring an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. boosted its holdings in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the period. 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.