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

Spotify Technology (NYSE:SPOT) had its target price increased by investment analysts at Bank of America from $430.00 to $515.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 10.31% from the stock’s current price.

Other analysts have also issued research reports about the stock. Guggenheim upped their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. KeyCorp raised their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. Piper Sandler upped their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday. One 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 company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $409.10.

Spotify Technology Trading Up 11.3 %

Shares of NYSE:SPOT traded up $47.46 during mid-day trading on Wednesday, reaching $466.85. 8,550,917 shares of the company’s stock were exchanged, compared to its average volume of 1,901,104. The firm has a market capitalization of $92.93 billion, a price-to-earnings ratio of 126.58 and a beta of 1.56. The business’s fifty day moving average price is $369.70 and its 200-day moving average price is $334.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology has a twelve month low of $170.62 and a twelve month high of $472.00.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. purchased a new position in Spotify Technology in the first quarter worth approximately $342,000. Avantax Advisory Services Inc. acquired a new position in shares of Spotify Technology during the first quarter worth $218,000. Bleakley Financial Group LLC increased its holdings in Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after buying an additional 177 shares during the last quarter. Entropy Technologies LP acquired a new stake in Spotify Technology in the first quarter valued at $1,127,000. Finally, Vanguard Group Inc. boosted its holdings in Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after purchasing an additional 23,675 shares in 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.