Spotify Technology (NYSE:SPOT) Coverage Initiated at FBN Securities

Research analysts at FBN Securities initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a research note issued to investors on Friday. The brokerage set a “sector perform” rating and a $645.00 price target on the stock. FBN Securities’ target price points to a potential upside of 11.16% from the stock’s current price.

A number of other analysts also recently weighed in on SPOT. The Goldman Sachs Group upped their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Wells Fargo & Company raised their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Barclays upped their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective on the stock. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $550.80.

Spotify Technology Trading Up 0.7 %

Shares of SPOT stock opened at $580.27 on Friday. The stock has a market cap of $118.79 billion, a P/E ratio of 97.52 and a beta of 1.66. Spotify Technology has a 1 year low of $258.00 and a 1 year high of $652.63. The stock has a 50 day simple moving average of $576.80 and a 200 day simple moving average of $475.48.

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently modified their holdings of SPOT. Intech Investment Management LLC grew its stake in shares of Spotify Technology by 57.0% in the third quarter. Intech Investment Management LLC now owns 1,699 shares of the company’s stock worth $626,000 after purchasing an additional 617 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the last quarter. FMR LLC grew its position in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Spotify Technology in the third quarter valued at about $69,000. Finally, Townsquare Capital LLC raised its position in shares of Spotify Technology by 7.8% during the third quarter. Townsquare Capital LLC now owns 994 shares of the company’s stock worth $366,000 after acquiring an additional 72 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

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.