Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Spotify Technology (NYSE:SPOT) had its price target upped by stock analysts at Morgan Stanley from $430.00 to $460.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 9.70% from the stock’s previous close.

A number of other brokerages also recently weighed in on SPOT. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a report on Wednesday, July 24th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. TD Cowen upped their price target on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $387.55.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $419.32 on Wednesday. The company’s 50 day moving average price is $369.70 and its two-hundred day moving average price is $334.73. Spotify Technology has a 12-month low of $169.02 and a 12-month 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. The firm has a market cap of $83.47 billion, a PE ratio of 171.15 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the stock. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the second quarter worth $25,000. Benjamin Edwards Inc. lifted its stake in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Mather Group LLC. lifted its stake in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares in the last quarter. Asset Dedication LLC bought a new position in shares of Spotify Technology in the second quarter valued at $35,000. Finally, Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 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.