Piper Sandler Boosts Spotify Technology (NYSE:SPOT) Price Target to $450.00

Spotify Technology (NYSE:SPOT) had its price objective raised by equities research analysts at Piper Sandler from $330.00 to $450.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential downside of 3.17% from the stock’s current price.

SPOT has been the subject of a number of other research reports. Morgan Stanley upped their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday. Barclays upped their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Benchmark upped their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday. One investment 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $402.38.

Spotify Technology Stock Up 10.8 %

Shares of SPOT traded up $45.34 on Wednesday, hitting $464.73. The company’s stock had a trading volume of 8,172,159 shares, compared to its average volume of 1,899,382. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $472.00. 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’s fifty day moving average price is $369.70 and its 200-day moving average price is $334.73. The firm has a market capitalization of $92.50 billion, a price-to-earnings ratio of 127.96 and a beta of 1.56.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SPOT. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology in the second quarter worth $25,000. Benjamin Edwards Inc. increased its position in shares of Spotify Technology by 214.8% in the second 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 position 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 worth $31,000 after purchasing an additional 99 shares during the period. Asset Dedication LLC bought a new position in shares of Spotify Technology in the second quarter worth $35,000. Finally, Larson Financial Group LLC increased its position 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 worth $36,000 after purchasing an additional 33 shares during the period. 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.