Spotify Technology S.A. (NYSE:SPOT) Receives $514.79 Consensus PT from Analysts

Spotify Technology S.A. (NYSE:SPOT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-eight brokerages that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $529.43.

SPOT has been the topic of a number of recent analyst reports. KeyCorp raised their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Guggenheim raised their price target on Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Finally, Wells Fargo & Company raised their price target on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $631.40 on Friday. Spotify Technology has a one year low of $239.66 and a one year high of $652.63. The stock’s fifty day moving average is $511.45 and its 200 day moving average is $428.76. The stock has a market cap of $125.68 billion, a P/E ratio of 106.12 and a beta of 1.63.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SPOT. Jennison Associates LLC purchased a new position in Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. GQG Partners LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $800,725,000. Forsta AP Fonden purchased a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $619,600,000. Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $396,028,000. 84.09% of the stock is currently owned by hedge funds and other 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.