Spotify Technology (NYSE:SPOT) Price Target Cut to $875.00 by Analysts at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price objective decreased by investment analysts at Pivotal Research from $900.00 to $875.00 in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Pivotal Research’s price target suggests a potential upside of 38.98% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. raised their price target 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. Benchmark cut their price target on shares of Spotify Technology from $840.00 to $800.00 and set a “buy” rating for the company in a report on Wednesday, July 30th. The Goldman Sachs Group downgraded shares of Spotify Technology from a “buy” rating to a “neutral” rating and raised their price target for the stock from $765.00 to $770.00 in a report on Tuesday, September 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Spotify Technology in a report on Wednesday, October 8th. Finally, Argus initiated coverage on shares of Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $730.09.

Spotify Technology Trading Down 2.3%

SPOT stock opened at $629.57 on Wednesday. The firm has a 50-day moving average of $689.26 and a two-hundred day moving average of $682.79. The company has a market cap of $128.88 billion, a price-to-earnings ratio of 152.81, a PEG ratio of 3.39 and a beta of 1.67. Spotify Technology has a 12 month low of $376.04 and a 12 month high of $785.00.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Knuff & Co LLC purchased a new position in Spotify Technology in the 2nd quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. boosted its position in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the period. Cornerstone Planning Group LLC boosted its position in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after buying an additional 41 shares during the period. Finally, Total Investment Management Inc. purchased a new position in Spotify Technology in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.