Spotify Technology S.A. (NYSE:SPOT) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Spotify Technology S.A. (NYSE:SPOT) have earned an average recommendation of “Moderate Buy” from the twenty-eight brokerages that are presently covering the company, Marketbeat Ratings reports. 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. The average 12 month price target among brokers that have issued a report on the stock in the last year is $529.43.

A number of equities research analysts have commented on the stock. Morgan Stanley lifted their target price 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. Bank of America lifted their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, KeyCorp increased their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st.

Spotify Technology Stock Down 8.3 %

Shares of NYSE SPOT opened at $488.00 on Tuesday. The firm’s 50-day moving average price is $548.54 and its 200-day moving average price is $455.47. Spotify Technology has a 52-week low of $249.58 and a 52-week high of $652.63. The company has a market cap of $99.90 billion, a PE ratio of 82.02 and a beta of 1.66.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently bought and sold shares of the business. WCM Investment Management LLC raised its position in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the period. Jennison Associates LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $1,335,575,000. FMR LLC raised its holdings in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after buying an additional 473,569 shares during the period. Finally, State Street Corp lifted its position in Spotify Technology by 1.5% in the third 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 last quarter. 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.