Spotify Technology S.A. (NYSE:SPOT) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Spotify Technology S.A. (NYSE:SPOT) have earned an average recommendation of “Moderate Buy” from the thirty brokerages that are covering the firm, MarketBeat reports. Nine analysts have rated the stock with a hold recommendation and twenty-one have issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $557.47.

A number of research firms recently weighed in on SPOT. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. KeyCorp raised their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Citigroup lifted their price target on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Macquarie increased their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $502.90 on Friday. The firm has a market capitalization of $102.95 billion, a PE ratio of 84.52 and a beta of 1.75. Spotify Technology has a 1-year low of $267.76 and a 1-year high of $652.63. The business’s fifty day moving average price is $583.28 and its two-hundred day moving average price is $484.42.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc increased its position in Spotify Technology by 336.7% in the 1st quarter. Versant Capital Management Inc now owns 655 shares of the company’s stock worth $360,000 after purchasing an additional 505 shares during the last quarter. Central Pacific Bank Trust Division grew its stake in shares of Spotify Technology by 34.2% in the 1st quarter. Central Pacific Bank Trust Division now owns 2,869 shares of the company’s stock valued at $1,578,000 after buying an additional 731 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Spotify Technology by 16.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 670 shares of the company’s stock worth $369,000 after buying an additional 96 shares during the last quarter. Prostatis Group LLC acquired a new position in Spotify Technology in the fourth quarter worth approximately $213,000. Finally, 111 Capital bought a new position in Spotify Technology during the fourth quarter valued at approximately $545,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.