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

Spotify Technology (NYSE:SPOT) had its price target lifted by equities researchers at Bank of America from $430.00 to $515.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 7.83% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on SPOT. Wells Fargo & Company boosted their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday. Pivotal Research increased their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley boosted their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. One 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Up 2.2 %

NYSE:SPOT opened at $477.59 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $95.06 billion, a price-to-earnings ratio of 129.78 and a beta of 1.56. Spotify Technology has a one year low of $170.62 and a one year high of $489.69. The stock has a 50-day simple moving average of $372.46 and a 200 day simple moving average of $335.65.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the second quarter worth approximately $25,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Mather Group LLC. lifted its holdings in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the period. Asset Dedication LLC bought a new position in Spotify Technology during the second quarter valued at about $35,000. Finally, Larson Financial Group LLC grew its holdings in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. Institutional investors and hedge funds 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.