Brokerages Set Spotify Technology S.A. (NYSE:SPOT) PT at $557.47

Spotify Technology S.A. (NYSE:SPOT) has been assigned an average recommendation of “Moderate Buy” from the thirty brokerages that are covering the company, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and twenty-one have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $557.47.

A number of research analysts have recently commented on SPOT shares. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. UBS Group decreased their price objective on Spotify Technology from $720.00 to $690.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. China Renaissance assumed coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective for the company. Benchmark boosted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, FBN Securities began coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target for the company.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $517.15 on Friday. The company has a market cap of $105.86 billion, a PE ratio of 86.92 and a beta of 1.75. The firm has a fifty day moving average price of $583.36 and a two-hundred day moving average price of $487.52. Spotify Technology has a fifty-two week low of $267.76 and a fifty-two week high of $652.63.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently modified their holdings of SPOT. Jennison Associates LLC acquired a new position in Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. FMR LLC boosted its position in shares of Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after purchasing an additional 473,569 shares in the last quarter. State Street Corp grew its holdings in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the period. Schroder Investment Management Group grew its holdings in shares of Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after buying an additional 7,075 shares during the period. Finally, GQG Partners LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at $800,725,000. 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.