Spotify Technology (NYSE:SPOT) Given New $690.00 Price Target at UBS Group

Spotify Technology (NYSE:SPOT) had its price target decreased by UBS Group from $720.00 to $690.00 in a research report released on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Macquarie upped their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a “buy” rating and a $740.00 target price for the company. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $557.47.

Spotify Technology Trading Up 2.4 %

SPOT opened at $565.17 on Wednesday. The firm’s 50 day simple moving average is $582.30 and its two-hundred day simple moving average is $482.76. The company has a market capitalization of $115.69 billion, a PE ratio of 94.99 and a beta of 1.66. Spotify Technology has a 1-year low of $267.76 and a 1-year high of $652.63.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of SPOT. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter worth $1,335,575,000. FMR LLC grew its holdings 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 worth $913,276,000 after purchasing an additional 473,569 shares during the last quarter. State Street Corp increased its stake in Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares during the period. Schroder Investment Management Group lifted its holdings in Spotify Technology by 0.4% during 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 in the last quarter. Finally, GQG Partners LLC purchased a new stake in Spotify Technology in the 4th quarter valued at about $800,725,000. 84.09% of the stock is owned by institutional investors.

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.