Spotify Technology (NYSE:SPOT) Research Coverage Started at China Renaissance

China Renaissance started coverage on shares of Spotify Technology (NYSE:SPOT) in a research note published on Wednesday, Marketbeat reports. The firm issued a buy rating and a $740.00 target price on the stock.

SPOT has been the subject of a number of other reports. Macquarie increased their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Rosenblatt Securities reissued a “neutral” rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target for the company. UBS Group boosted their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Finally, The Goldman Sachs Group raised their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $552.47.

Spotify Technology Trading Down 3.5 %

NYSE SPOT opened at $559.76 on Wednesday. Spotify Technology has a 12-month low of $260.80 and a 12-month high of $652.63. The firm’s fifty day simple moving average is $578.28 and its two-hundred day simple moving average is $477.12. The firm has a market capitalization of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently bought and sold shares of the company. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the third quarter worth approximately $26,000. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology during the 4th quarter worth $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $27,000. Copia Wealth Management acquired a new position in Spotify Technology during the fourth quarter worth about $29,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the 3rd quarter valued at about $33,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.