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

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

Several other equities analysts also recently commented on the stock. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Barclays boosted their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Evercore ISI increased their price target on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Finally, Rosenblatt Securities increased their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. One investment 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Down 4.0 %

NYSE SPOT opened at $458.49 on Wednesday. Spotify Technology has a one year low of $170.62 and a one year high of $489.69. The firm has a 50 day simple moving average of $378.15 and a 200-day simple moving average of $337.83. The firm has a market cap of $91.26 billion, a price-to-earnings ratio of 124.59 and a beta of 1.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of the company. WCM Investment Management LLC increased its position in Spotify Technology by 18.5% during 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 period. Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares during the period. GQG Partners LLC acquired a new position in Spotify Technology during the first quarter worth $610,040,000. State Street Corp raised its position in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after acquiring an additional 28,864 shares in the last quarter. Finally, FMR LLC lifted its holdings in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares during the period. 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.