Spotify Technology (NYSE:SPOT) Price Target Raised to $520.00

Spotify Technology (NYSE:SPOT) had its price objective raised by Wells Fargo & Company from $470.00 to $520.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued reports about the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Morgan Stanley lifted their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday. Evercore ISI increased their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Pivotal Research increased their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Down 4.0 %

Shares of SPOT stock opened at $458.49 on Wednesday. Spotify Technology has a twelve month low of $170.62 and a twelve month high of $489.69. The stock has a market cap of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56. The stock has a 50 day moving average of $378.15 and a 200 day moving average of $337.83. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. purchased a new stake in shares of Spotify Technology during the 1st quarter valued at approximately $342,000. Avantax Advisory Services Inc. purchased a new stake in Spotify Technology in the first quarter valued at $218,000. Bleakley Financial Group LLC lifted its stake in shares of Spotify Technology by 11.4% in the 1st quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after purchasing an additional 177 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of Spotify Technology during the 1st quarter worth $1,127,000. Finally, Vanguard Group Inc. increased its position in shares of Spotify Technology by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after purchasing an additional 23,675 shares during 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.