JPMorgan Chase & Co. Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $730.00 to $640.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 12.39% from the stock’s current price.

Several other research firms also recently weighed in on SPOT. Benchmark lifted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Guggenheim reiterated a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Macquarie lifted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Redburn Atlantic initiated coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price for the company. Finally, Morgan Stanley lifted their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $555.30.

Spotify Technology Stock Up 9.9 %

NYSE SPOT opened at $569.45 on Tuesday. Spotify Technology has a 52 week low of $267.76 and a 52 week high of $652.63. The firm has a market capitalization of $116.57 billion, a price-to-earnings ratio of 95.71 and a beta of 1.75. The company has a fifty day moving average of $583.30 and a two-hundred day moving average of $490.71.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently modified their holdings of the business. Thrivent Financial for Lutherans grew its stake in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after acquiring an additional 6,782 shares during the last quarter. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $214,000. Finally, Swedbank AB boosted its position in Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after buying an additional 163,626 shares during the last quarter. 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.