Spotify Technology (NYSE:SPOT) Given New $530.00 Price Target at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective raised by stock analysts at JPMorgan Chase & Co. from $425.00 to $530.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 13.41% from the company's current price.

Other equities research analysts have also issued research reports about the company. Evercore ISI upped their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Morgan Stanley upped their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an "overweight" rating in a research report on Wednesday. DZ Bank upgraded Spotify Technology from a "hold" rating to a "buy" rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Finally, Benchmark lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $412.72.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded up $47.95 during trading on Wednesday, reaching $467.34. 12,045,073 shares of the company traded hands, compared to its average volume of 1,916,959. The stock has a market cap of $93.03 billion, a P/E ratio of 127.00 and a beta of 1.56. The firm's fifty day simple moving average is $369.70 and its 200 day simple moving average is $334.73. 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 12-month low of $170.62 and a 12-month high of $473.00.

Institutional Trading of Spotify Technology

Several institutional investors have recently made changes to their positions in the company. GQG Partners LLC acquired a new stake in Spotify Technology during the first quarter worth $610,040,000. Swedbank AB acquired a new stake in shares of Spotify Technology during the 1st quarter worth about $198,663,000. WCM Investment Management LLC raised its holdings in 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 buying an additional 605,755 shares during the period. International Assets Investment Management LLC lifted its position in Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company's stock valued at $128,073,000 after buying an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company's stock valued at $202,828,000 after buying an additional 333,782 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

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.