Spotify Technology (NYSE:SPOT) Upgraded to “Outperform” at Wolfe Research

Spotify Technology (NYSE:SPOT) was upgraded by Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a $660.00 target price on the stock. Wolfe Research’s price objective would indicate a potential upside of 14.81% from the stock’s current price.

SPOT has been the subject of a number of other research reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. UBS Group lowered their price target on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. decreased their target price on shares of Spotify Technology from $730.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target on the stock. Eight analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $573.76.

Spotify Technology Price Performance

NYSE:SPOT opened at $574.85 on Monday. The firm has a market capitalization of $117.68 billion, a P/E ratio of 96.61 and a beta of 1.75. Spotify Technology has a one year low of $267.76 and a one year high of $652.63. The company’s 50-day simple moving average is $575.74 and its 200 day simple moving average is $500.61.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology during the fourth quarter worth $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter valued at about $27,000. Copia Wealth Management purchased a new position in shares of Spotify Technology during the fourth quarter valued at about $29,000. North Star Investment Management Corp. increased its holdings in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock worth $30,000 after purchasing an additional 19 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Spotify Technology by 209.1% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after buying an additional 46 shares in the last quarter. 84.09% of the stock is currently owned by 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.