Spotify Technology (NYSE:SPOT) Price Target Raised to $720.00

Spotify Technology (NYSE:SPOT) had its price objective upped by Citigroup from $540.00 to $720.00 in a report issued on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently issued reports on SPOT. Barclays boosted their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. KeyCorp lifted their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Bank of America lifted their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Down 1.6 %

Spotify Technology stock opened at $637.75 on Friday. The business has a 50-day simple moving average of $508.35 and a two-hundred day simple moving average of $426.06. The company has a market cap of $126.94 billion, a P/E ratio of 107.18 and a beta of 1.63. Spotify Technology has a 52-week low of $239.66 and a 52-week high of $652.63.

Institutional Trading of Spotify Technology

Hedge funds have recently modified their holdings of the company. Jennison Associates LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $1,335,575,000. GQG Partners LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $800,725,000. Forsta AP Fonden bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $619,600,000. Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $396,028,000. 84.09% of the stock is owned by hedge funds and other 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.