Spotify Technology (NYSE:SPOT) Price Target Raised to $530.00

Spotify Technology (NYSE:SPOT) had its price objective increased by JPMorgan Chase & Co. from $425.00 to $530.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also recently commented on SPOT. KeyCorp boosted their target price on Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. 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 note on Thursday, August 29th. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Benchmark raised their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday. One research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $412.72.

Spotify Technology Stock Performance

Shares of SPOT opened at $467.34 on Wednesday. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $473.00. The firm has a market capitalization of $93.03 billion, a PE ratio of 126.99 and a beta of 1.56. The firm has a 50-day moving average price of $369.70 and a 200 day moving average price of $334.73. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC acquired a new position in Spotify Technology during the second quarter valued at approximately $25,000. Benjamin Edwards Inc. raised its holdings in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Mather Group LLC. raised its holdings in 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 acquiring an additional 99 shares during the period. Asset Dedication LLC acquired a new position in Spotify Technology during the 2nd quarter worth $35,000. Finally, Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

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.