Spotify Technology S.A. (NYSE:SPOT) Receives $557.47 Average PT from Brokerages

Spotify Technology S.A. (NYSE:SPOT) has been given an average rating of “Moderate Buy” by the thirty brokerages that are currently covering the stock, MarketBeat.com reports. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $555.30.

Several brokerages have commented on SPOT. Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target for the company. KeyCorp decreased their target price on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday. Guggenheim restated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, Morgan Stanley upped their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $569.45 on Friday. Spotify Technology has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The company has a 50 day moving average price of $583.30 and a 200 day moving average price of $490.71. The stock has a market capitalization of $116.57 billion, a P/E ratio of 95.71 and a beta of 1.75.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of SPOT. Mpwm Advisory Solutions LLC purchased a new position in Spotify Technology during the 4th quarter worth $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $27,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $29,000. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology during the third quarter worth about $26,000. Finally, Hobbs Group Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter valued at about $33,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.