Spotify Technology (NYSE:SPOT) Price Target Raised to $515.00 at Bank of America

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

SPOT has been the topic of several other reports. TD Cowen raised their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. Guggenheim upped their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. KeyCorp lifted their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One investment 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $412.72.

Spotify Technology Stock Performance

NYSE SPOT opened at $467.34 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a twelve month low of $170.62 and a twelve month high of $473.00. The stock has a 50-day moving average of $369.70 and a 200 day moving average of $334.73. The stock has a market capitalization of $93.03 billion, a price-to-earnings ratio of 126.99 and a beta of 1.56.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the second quarter worth about $25,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% during 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. Larson Financial Group LLC lifted its holdings in 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 acquiring an additional 33 shares during the period. Mather Group LLC. boosted its position in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at about $40,000. 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.