Spotify Technology (NYSE:SPOT) Price Target Raised to $515.00

Spotify Technology (NYSE:SPOT) had its price target boosted by Bank of America from $430.00 to $515.00 in a research note released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on SPOT. Evercore ISI raised their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Morgan Stanley raised their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday. Benchmark boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. upped their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Trading Down 4.0 %

Shares of SPOT stock opened at $458.49 on Wednesday. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. The company has a 50-day simple moving average of $378.15 and a two-hundred day simple moving average of $337.83. 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 company has a market capitalization of $91.26 billion, a price-to-earnings ratio of 124.59 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently bought and sold shares of the stock. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology in the 2nd quarter worth $25,000. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the third quarter valued at about $26,000. Benjamin Edwards Inc. lifted its stake in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Mather Group LLC. boosted its holdings in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, Asset Dedication LLC bought a new position in shares of Spotify Technology during the 2nd quarter valued at about $35,000. 84.09% of the stock is currently owned by institutional investors.

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.