Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price increased by analysts at Morgan Stanley from $430.00 to $460.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's target price would indicate a potential downside of 1.58% from the stock's previous close.

Several other equities analysts have also commented on the stock. The Goldman Sachs Group raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and increased their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. Pivotal Research lifted their price target on Spotify Technology from $460.00 to $510.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. lifted their target price 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 increased their target price on Spotify Technology from $420.00 to $470.00 and gave the company an "overweight" rating in a research report on Monday, October 28th. Finally, TD Cowen raised their price objective on Spotify Technology from $273.00 to $356.00 and gave the company a "hold" rating in a report on Wednesday, July 24th. 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 company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $409.10.

Spotify Technology Stock Up 11.4 %

Shares of Spotify Technology stock traded up $47.98 on Wednesday, reaching $467.37. The stock had a trading volume of 11,958,038 shares, compared to its average volume of 1,916,591. Spotify Technology has a 1 year low of $170.62 and a 1 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 quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $93.03 billion, a P/E ratio of 126.58 and a beta of 1.56.

Institutional Trading of Spotify Technology

A number of hedge funds have recently modified their holdings of the company. Oppenheimer & Co. Inc. acquired a new stake in shares of Spotify Technology during the 1st quarter valued at about $342,000. Avantax Advisory Services Inc. acquired a new stake in shares of Spotify Technology during the 1st quarter worth about $218,000. Bleakley Financial Group LLC grew its stake in shares of Spotify Technology by 11.4% during the 1st quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company's stock worth $456,000 after acquiring an additional 177 shares in the last quarter. Entropy Technologies LP bought a new position in Spotify Technology during the 1st quarter worth $1,127,000. Finally, Vanguard Group Inc. lifted its position in shares of Spotify Technology by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company's stock valued at $161,645,000 after acquiring an additional 23,675 shares during the period. Institutional investors 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.