Wolfe Research Upgrades Spotify Technology (NYSE:SPOT) to “Outperform”

Wolfe Research upgraded shares of Spotify Technology (NYSE:SPOT) from a peer perform rating to an outperform rating in a research note released on Monday, Marketbeat.com reports. The firm currently has $660.00 price objective on the stock.

Several other equities research analysts have also recently commented on SPOT. JPMorgan Chase & Co. lowered their target price on Spotify Technology from $730.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. UBS Group dropped their price objective on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Macquarie raised their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Citigroup increased their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, Benchmark lifted their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Eight equities research 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $573.76.

Spotify Technology Trading Down 2.5 %

SPOT opened at $559.76 on Monday. Spotify Technology has a 1-year low of $267.76 and a 1-year high of $652.63. The firm has a 50-day moving average price of $574.12 and a two-hundred day moving average price of $501.93. The stock has a market capitalization of $114.59 billion, a PE ratio of 94.08 and a beta of 1.75.

Institutional Investors Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth about $1,335,575,000. GQG Partners LLC bought a new stake in Spotify Technology during the fourth quarter worth about $800,725,000. Forsta AP Fonden acquired a new position in Spotify Technology during the fourth quarter valued at approximately $619,600,000. Geode Capital Management LLC grew its stake in Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify Technology during the 4th quarter worth approximately $396,028,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.