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

Spotify Technology (NYSE:SPOT) had its price target lifted by Barclays from $385.00 to $475.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms have also issued reports on SPOT. Morgan Stanley lifted their target price on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday. KeyCorp upped their price target on Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Macquarie raised their price objective on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Down 4.0 %

Shares of NYSE SPOT opened at $458.49 on Wednesday. The firm has a market capitalization of $91.26 billion, a price-to-earnings ratio of 124.59 and a beta of 1.56. 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 52-week low of $170.62 and a 52-week high of $489.69. The stock has a 50 day moving average price of $378.15 and a 200 day moving average price of $337.83.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPOT. Geode Capital Management LLC increased its position in shares of Spotify Technology by 6.9% in the third quarter. Geode Capital Management LLC now owns 224,209 shares of the company’s stock valued at $82,628,000 after buying an additional 14,426 shares in the last quarter. Aequim Alternative Investments LP acquired a new stake in Spotify Technology in the 3rd quarter valued at $3,943,000. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the 3rd quarter worth $26,000. M&T Bank Corp raised its position in Spotify Technology by 5.5% during the third quarter. M&T Bank Corp now owns 26,991 shares of the company’s stock worth $9,947,000 after acquiring an additional 1,395 shares during the period. Finally, Continuum Advisory LLC lifted its holdings in Spotify Technology by 12.2% during the third quarter. Continuum Advisory LLC now owns 313 shares of the company’s stock valued at $115,000 after purchasing an additional 34 shares in the last quarter. 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.