Spotify Technology S.A. (NYSE:SPOT) Receives Average Rating of “Moderate Buy” from Analysts

Spotify Technology S.A. (NYSE:SPOT) has received an average recommendation of “Moderate Buy” from the twenty-seven analysts that are presently covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $596.26.

A number of research firms recently weighed in on SPOT. The Goldman Sachs Group raised their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Barclays raised their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. Cantor Fitzgerald decreased their price target on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. dropped their price objective on Spotify Technology from $730.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th.

Spotify Technology Stock Down 3.5 %

Shares of SPOT opened at $576.86 on Wednesday. Spotify Technology has a twelve month low of $280.37 and a twelve month high of $652.63. The stock has a market capitalization of $118.09 billion, a P/E ratio of 96.95 and a beta of 1.75. The company has a 50 day moving average of $569.14 and a 200-day moving average of $510.43.

Institutional Trading of Spotify Technology

Several hedge funds have recently added to or reduced their stakes in SPOT. Jennison Associates LLC bought a new position in Spotify Technology during the 4th quarter worth $1,335,575,000. FMR LLC grew its stake in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after acquiring an additional 473,569 shares in the last quarter. Schroder Investment Management Group increased its position in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after acquiring an additional 7,075 shares during the period. GQG Partners LLC acquired a new stake in Spotify Technology in the 4th quarter worth about $800,725,000. Finally, Geode Capital Management LLC boosted its holdings in Spotify Technology by 561.6% in the 4th 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 during the period. 84.09% of the stock is 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.