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

Spotify Technology (NYSE:SPOT - Free Report) had its target price hoisted by Pivotal Research from $510.00 to $565.00 in a research report report published on Wednesday, MarketBeat Ratings reports. They currently have a buy rating on the stock.

SPOT has been the subject of several other reports. KeyCorp upped their target price on Spotify Technology from $440.00 to $490.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Morgan Stanley increased their price objective on Spotify Technology from $430.00 to $460.00 and gave the stock an "overweight" rating in a research note on Wednesday. DZ Bank raised Spotify Technology from a "hold" rating to a "buy" rating and set a $375.00 target price on the stock in a research note on Wednesday, July 24th. Finally, Evercore ISI raised their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an "outperform" rating in a report on Thursday, August 29th. One equities research 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. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $409.10.

Spotify Technology Price Performance

Shares of NYSE SPOT traded up $53.47 during midday trading on Wednesday, reaching $472.86. The company's stock had a trading volume of 10,743,060 shares, compared to its average volume of 1,911,068. Spotify Technology has a one year low of $170.62 and a one year high of $473.00. The company has a 50 day moving average price of $369.70 and a 200 day moving average price of $334.73. The company has a market cap of $94.12 billion, a price-to-earnings ratio of 126.58 and a beta of 1.56. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors have recently made changes to their positions in SPOT. Aigen Investment Management LP raised its stake in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock valued at $3,612,000 after purchasing an additional 2,918 shares during the period. Perpetual Ltd boosted its holdings in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company's stock worth $279,965,000 after acquiring an additional 148,431 shares during the period. Pathway Capital Management LP raised its position in shares of Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock valued at $21,132,000 after buying an additional 11,042 shares in the last quarter. Jag Capital Management LLC bought a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $13,569,000. Finally, Northeast Investment Management grew its holdings in shares of Spotify Technology by 67.6% during the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company's stock valued at $4,788,000 after purchasing an additional 5,240 shares during the last quarter. 84.09% of the stock is 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.