Redburn Atlantic Initiates Coverage on Spotify Technology (NYSE:SPOT)

Redburn Atlantic assumed coverage on shares of Spotify Technology (NYSE:SPOT) in a research note released on Tuesday morning, MarketBeat Ratings reports. The firm issued a neutral rating and a $545.00 price objective on the stock.

Other equities analysts have also issued research reports about the company. Barclays increased their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Morgan Stanley increased their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Citigroup increased their target price on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Finally, Macquarie increased their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Trading Up 0.6 %

SPOT opened at $539.11 on Tuesday. The stock’s 50-day moving average price is $553.16 and its 200 day moving average price is $457.77. Spotify Technology has a 12-month low of $249.58 and a 12-month high of $652.63. The firm has a market cap of $110.36 billion, a price-to-earnings ratio of 90.61 and a beta of 1.66.

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 purchased a new stake in Spotify Technology during the fourth quarter valued at about $1,335,575,000. GQG Partners LLC purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $800,725,000. Forsta AP Fonden purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $619,600,000. Geode Capital Management LLC boosted its position in shares of Spotify Technology by 561.6% in 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 period. Finally, Norges Bank purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $396,028,000. Hedge funds and other 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.