Spotify Technology (NYSE:SPOT) Now Covered by Analysts at Redburn Atlantic

Redburn Atlantic initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a report published on Tuesday. The firm issued a neutral rating and a $545.00 price objective on the stock.

Other analysts also recently issued reports about the stock. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Cantor Fitzgerald restated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. TD Cowen raised their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company raised their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $507.66 on Tuesday. The company has a market capitalization of $103.92 billion, a price-to-earnings ratio of 85.32 and a beta of 1.66. The firm’s 50 day simple moving average is $549.75 and its 200 day simple moving average is $456.64. Spotify Technology has a fifty-two week low of $249.58 and a fifty-two week high of $652.63.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds have recently added to or reduced their stakes in the business. Copia Wealth Management acquired a new stake in Spotify Technology during the 4th quarter valued at $29,000. Park Square Financial Group LLC acquired a new stake in Spotify Technology during the 4th quarter valued at $116,000. Menard Financial Group LLC lifted its holdings in Spotify Technology by 11.9% during the 4th quarter. Menard Financial Group LLC now owns 1,981 shares of the company’s stock valued at $886,000 after purchasing an additional 211 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Spotify Technology during the 4th quarter valued at $55,346,000. Finally, Brooklyn FI LLC acquired a new stake in Spotify Technology during the 4th quarter valued at $658,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.