Bank of America Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective boosted by Bank of America from $430.00 to $515.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Benchmark increased 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. TD Cowen lifted their price target on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday. Piper Sandler raised their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday. Macquarie lifted their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Wells Fargo & Company upped their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $412.72.

Spotify Technology Price Performance

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

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently made changes to their positions in the company. CreativeOne Wealth LLC raised its stake in shares of Spotify Technology by 40.1% in the third quarter. CreativeOne Wealth LLC now owns 1,669 shares of the company’s stock worth $615,000 after purchasing an additional 478 shares during the last quarter. Townsquare Capital LLC increased its holdings in Spotify Technology by 7.8% in the 3rd quarter. Townsquare Capital LLC now owns 994 shares of the company’s stock worth $366,000 after buying an additional 72 shares during the period. Lazard Freres Gestion S.A.S. acquired a new stake in shares of Spotify Technology in the third quarter worth $2,727,000. Brooklyn Investment Group acquired a new stake in shares of Spotify Technology in the third quarter worth $69,000. Finally, FMR LLC raised its holdings in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. 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.