Spotify Technology (NYSE:SPOT) Stock Price Up 6.1% – Here’s What Happened

Spotify Technology S.A. (NYSE:SPOT) shares were up 6.1% on Monday . The stock traded as high as $552.00 and last traded at $534.03. Approximately 992,423 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 2,152,122 shares. The stock had previously closed at $503.30.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research report on Friday, March 28th. Benchmark increased their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. UBS Group cut their target price on shares of Spotify Technology from $720.00 to $690.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Morgan Stanley upped their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $557.47.

Spotify Technology Stock Performance

The stock has a 50 day moving average of $583.28 and a 200 day moving average of $486.41. The stock has a market capitalization of $105.86 billion, a P/E ratio of 86.92 and a beta of 1.75.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its stake in Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after purchasing an additional 6,782 shares during the period. Jennison Associates LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $1,335,575,000. Marks Group Wealth Management Inc acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in Spotify Technology in the 4th quarter worth approximately $214,000. Finally, Swedbank AB increased its position in Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after acquiring an additional 163,626 shares during the period. Institutional investors own 84.09% of the company’s stock.

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.