Spotify Technology (NYSE:SPOT) Given New $460.00 Price Target at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its price objective upped by Morgan Stanley from $430.00 to $460.00 in a report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently commented on SPOT. Barclays upped their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Guggenheim lifted their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. 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 note on Wednesday, July 24th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $412.72.

Spotify Technology Trading Up 11.4 %

Spotify Technology stock opened at $467.34 on Wednesday. The stock has a 50-day moving average price of $369.70 and a 200 day moving average price of $334.73. The company has a market capitalization of $93.03 billion, a price-to-earnings ratio of 126.99 and a beta of 1.56. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $473.00. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SPOT. GQG Partners LLC purchased a new stake in Spotify Technology in the first quarter valued at $610,040,000. Swedbank AB purchased a new position in shares of Spotify Technology during the 1st quarter worth $198,663,000. WCM Investment Management LLC increased its position in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Spotify Technology by 36,910.0% in the 3rd 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 period. 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. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.