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

Spotify Technology (NYSE:SPOT) had its price target dropped by equities researchers at Pivotal Research from $900.00 to $875.00 in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Pivotal Research’s target price would indicate a potential upside of 38.98% from the company’s current price.

Several other brokerages have also commented on SPOT. Barclays cut their price target on shares of Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. UBS Group reduced their target price on shares of Spotify Technology from $895.00 to $850.00 and set a “buy” rating for the company in a report on Wednesday, July 30th. Argus assumed 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. Morgan Stanley reduced their target price on shares of Spotify Technology from $850.00 to $800.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Finally, Phillip Securities raised shares of Spotify Technology from a “moderate sell” rating to a “hold” rating in a report on Monday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $730.09.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $629.57 on Wednesday. The company’s fifty day moving average price is $689.26 and its 200 day moving average price is $682.79. Spotify Technology has a 12 month low of $376.04 and a 12 month high of $785.00. The firm has a market capitalization of $128.88 billion, a P/E ratio of 152.81, a P/E/G ratio of 3.39 and a beta of 1.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Joel Isaacson & Co. LLC increased its stake in shares of Spotify Technology by 1.0% during the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock worth $1,190,000 after acquiring an additional 15 shares during the period. Ignite Planners LLC increased its stake in shares of Spotify Technology by 2.4% during the second quarter. Ignite Planners LLC now owns 637 shares of the company’s stock worth $489,000 after acquiring an additional 15 shares during the period. Hartford Investment Management Co. grew its position in Spotify Technology by 1.1% during the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company’s stock worth $797,000 after buying an additional 16 shares during the period. Stonekeep Investments LLC grew its position in Spotify Technology by 2.1% during the second quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock worth $593,000 after buying an additional 16 shares during the period. Finally, Moody National Bank Trust Division grew its position in Spotify Technology by 0.5% during the second quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock worth $2,249,000 after buying an additional 16 shares during the period. 84.09% of the stock is currently 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.