Pivotal Research Raises Spotify Technology (NYSE:SPOT) Price Target to $565.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by analysts at Pivotal Research from $510.00 to $565.00 in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm presently has a “buy” rating on the stock. Pivotal Research’s target price points to a potential upside of 34.74% from the company’s previous close.

Several other research firms have also recently weighed in on SPOT. TD Cowen boosted their target price on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Macquarie boosted their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. KeyCorp boosted their price objective on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Finally, Benchmark boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday. One equities 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’s stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $387.55.

Spotify Technology Price Performance

SPOT stock opened at $419.32 on Wednesday. The business has a 50 day moving average price of $367.88 and a 200 day moving average price of $333.81. The stock has a market cap of $83.47 billion, a price-to-earnings ratio of 171.15 and a beta of 1.56. Spotify Technology has a fifty-two week low of $169.02 and a fifty-two week high of $420.00. 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

A number of large investors have recently modified their holdings of SPOT. GQG Partners LLC acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $610,040,000. Swedbank AB bought a new position in Spotify Technology during the 1st quarter worth approximately $198,663,000. WCM Investment Management LLC lifted its holdings in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after purchasing an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after purchasing an additional 333,782 shares during the last quarter. 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.