Spotify Technology (NYSE:SPOT) Price Target Raised to $450.00

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

SPOT has been the subject of a number of other reports. JPMorgan Chase & Co. increased their target price on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. Pivotal Research upped their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday. KeyCorp lifted their price target on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Performance

NYSE SPOT opened at $458.49 on Wednesday. The stock has a market cap of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56. 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 twelve month low of $170.62 and a twelve month high of $489.69. The company’s 50-day simple moving average is $378.15 and its 200 day simple moving average is $337.83.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the stock. Transcendent Capital Group LLC acquired a new position in Spotify Technology in the second quarter valued at about $25,000. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Benjamin Edwards Inc. raised its position in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Mather Group LLC. boosted its stake in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the last quarter. Finally, Asset Dedication LLC acquired a new position in Spotify Technology during the second quarter valued at approximately $35,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.