Pivotal Research Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

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

A number of other research firms have also recently issued reports on SPOT. Barclays boosted their price objective on Spotify Technology from $350.00 to $360.00 and gave the company 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. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Wells Fargo & Company upped their target price 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. Finally, Macquarie raised their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Performance

NYSE:SPOT opened at $477.59 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69. The firm has a market capitalization of $95.06 billion, a PE ratio of 129.78 and a beta of 1.56. The stock’s fifty day moving average is $372.46 and its 200 day moving average is $335.65.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently added to or reduced their stakes in the business. GQG Partners LLC purchased a new position in shares of Spotify Technology in the 1st quarter valued at approximately $610,040,000. Swedbank AB purchased a new stake in shares of Spotify Technology during the first quarter valued at $198,663,000. WCM Investment Management LLC increased its position in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the period. International Assets Investment Management LLC raised its stake in Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. grew its stake in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.