Spotify Technology S.A. (NYSE:SPOT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Spotify Technology S.A. (NYSE:SPOTGet Free Report) have earned an average rating of “Moderate Buy” from the twenty-eight analysts that are presently covering the stock, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $540.68.

A number of research analysts have weighed in on SPOT shares. Barclays increased their target price on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Redburn Atlantic began coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target for the company. Canaccord Genuity Group upped their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th.

View Our Latest Stock Report on SPOT

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently modified their holdings of SPOT. Principal Financial Group Inc. lifted its stake in shares of Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock valued at $14,586,000 after purchasing an additional 4,192 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $409,000. Assetmark Inc. lifted its stake in shares of Spotify Technology by 5.4% during the 3rd quarter. Assetmark Inc. now owns 28,436 shares of the company’s stock worth $10,480,000 after acquiring an additional 1,454 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Spotify Technology by 7.3% during the 3rd quarter. Atria Investments Inc now owns 8,315 shares of the company’s stock worth $3,064,000 after acquiring an additional 568 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. lifted its stake in shares of Spotify Technology by 12.4% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 1,109 shares of the company’s stock worth $409,000 after acquiring an additional 122 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

SPOT stock opened at $576.02 on Tuesday. Spotify Technology has a fifty-two week low of $249.58 and a fifty-two week high of $652.63. The business’s 50-day moving average is $555.35 and its two-hundred day moving average is $460.27. The company has a market cap of $117.92 billion, a price-to-earnings ratio of 96.81 and a beta of 1.66.

About Spotify Technology

(Get Free Report

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.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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