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

Spotify Technology (NYSE:SPOT) had its price target raised by equities research analysts at Pivotal Research from $510.00 to $565.00 in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. Pivotal Research’s target price suggests a potential upside of 18.30% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Macquarie raised their target price on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Phillip Securities restated an “accumulate” rating and issued a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research report on Wednesday. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Finally, Barclays lifted their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $477.59 on Wednesday. Spotify Technology has a 52-week low of $170.62 and a 52-week 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 stock has a market cap of $95.06 billion, a PE ratio of 129.78 and a beta of 1.56. The business has a 50-day simple moving average of $372.46 and a 200-day simple moving average of $335.65.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology in the second quarter worth $25,000. Benjamin Edwards Inc. boosted its position in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. increased 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 valued at $31,000 after purchasing an additional 99 shares in the last quarter. Asset Dedication LLC purchased a new position in Spotify Technology in the second quarter valued at about $35,000. Finally, Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. 84.09% of the stock is 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.