Benchmark Raises Spotify Technology (NYSE:SPOT) Price Target to $860.00

Spotify Technology (NYSE:SPOT) had its price target increased by analysts at Benchmark from $800.00 to $860.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 36.60% from the stock’s previous close.

SPOT has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Deutsche Bank Aktiengesellschaft upped their price target on Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. Oppenheimer increased their price objective on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a research report on Monday, August 18th. KeyCorp reduced their price objective on Spotify Technology from $860.00 to $830.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. Finally, Argus began coverage on Spotify Technology in a research report on Monday, September 29th. They set a “buy” rating and a $845.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $731.97.

Spotify Technology Trading Down 2.3%

Shares of Spotify Technology stock opened at $629.57 on Wednesday. Spotify Technology has a 52 week low of $376.04 and a 52 week high of $785.00. The stock has a market cap of $128.88 billion, a PE ratio of 152.81, a price-to-earnings-growth ratio of 3.39 and a beta of 1.67. The company’s 50-day moving average price is $689.26 and its two-hundred day moving average price is $682.79.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SPOT. State Street Corp raised its position in Spotify Technology by 1.7% during the second quarter. State Street Corp now owns 4,574,228 shares of the company’s stock valued at $3,509,988,000 after acquiring an additional 74,256 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock worth $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock valued at $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.