Morgan Stanley Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price hoisted by Morgan Stanley from $430.00 to $460.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Barclays increased their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and increased their target price for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Evercore ISI boosted their price target on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Benchmark raised their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One 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, Spotify Technology presently 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 12 month low of $170.62 and a 12 month high of $489.69. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market cap of $91.26 billion, a PE 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.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in Spotify Technology by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 224,209 shares of the company’s stock worth $82,628,000 after buying an additional 14,426 shares in the last quarter. Aequim Alternative Investments LP bought a new position in shares of Spotify Technology in the third quarter worth about $3,943,000. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter worth approximately $26,000. M&T Bank Corp grew its stake in shares of Spotify Technology by 5.5% during the third quarter. M&T Bank Corp now owns 26,991 shares of the company’s stock valued at $9,947,000 after purchasing an additional 1,395 shares during the last quarter. Finally, Continuum Advisory LLC increased its holdings in shares of Spotify Technology by 12.2% in the third quarter. Continuum Advisory LLC now owns 313 shares of the company’s stock valued at $115,000 after purchasing an additional 34 shares in the last quarter. 84.09% of the stock is currently 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.