Spotify Technology (NYSE:SPOT) Earns Sector Perform Rating from Analysts at FBN Securities

FBN Securities initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a research note published on Friday morning, Marketbeat reports. The brokerage issued a sector perform rating and a $645.00 target price on the stock.

Other analysts have also issued research reports about the stock. KeyCorp increased their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. UBS Group raised their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Benchmark boosted their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Trading Down 3.5 %

NYSE SPOT opened at $559.76 on Friday. The company has a market cap of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66. The company has a 50 day moving average of $578.28 and a 200-day moving average of $479.17. Spotify Technology has a 1-year low of $260.80 and a 1-year high of $652.63.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Auxano Advisors LLC lifted its position in shares of Spotify Technology by 2.5% in the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after acquiring an additional 20 shares in the last quarter. SRS Capital Advisors Inc. raised its stake in Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after purchasing an additional 25 shares during the period. Covenant Partners LLC lifted its holdings in Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock worth $458,000 after purchasing an additional 25 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after purchasing an additional 26 shares during the period. Finally, Harbour Investments Inc. grew its holdings in Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after buying an additional 26 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.