Spotify Technology S.A. (NYSE:SPOT) Receives Consensus Rating of “Moderate Buy” from Brokerages

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

A number of equities research analysts have recently weighed in on the company. TD Cowen boosted their target price on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Macquarie upped their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. KeyCorp upped their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Barclays upped their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $26,000. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology in the 4th quarter worth $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology in the 4th quarter worth $27,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth $33,000. Finally, Larson Financial Group LLC raised its holdings in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 1.1 %

NYSE SPOT opened at $631.40 on Friday. Spotify Technology has a 1-year low of $239.66 and a 1-year high of $652.63. The stock has a 50-day moving average of $511.45 and a 200-day moving average of $428.76. The firm has a market cap of $125.68 billion, a PE ratio of 106.12 and a beta of 1.63.

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.