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

Spotify Technology S.A. (NYSE:SPOT) has been assigned an average rating of “Moderate Buy” from the twenty-eight research firms that are currently covering the stock, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation and twenty have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $540.68.

SPOT has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Redburn Atlantic initiated coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Citigroup raised their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Benchmark lifted 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. Finally, Wells Fargo & Company lifted their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Jennison Associates LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth $1,335,575,000. GQG Partners LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth $800,725,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology during the fourth quarter worth $619,600,000. Geode Capital Management LLC grew its stake in shares of Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify Technology in the fourth quarter worth $396,028,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $597.78 on Tuesday. The stock has a market capitalization of $122.37 billion, a price-to-earnings ratio of 100.47 and a beta of 1.66. The business has a 50-day moving average of $557.92 and a 200-day moving average of $462.95. Spotify Technology has a fifty-two week low of $249.58 and a fifty-two week high of $652.63.

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.