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

Analysts at FBN Securities started coverage on shares of Spotify Technology (NYSE:SPOT) in a research note issued on Friday. The firm set a “sector perform” rating and a $645.00 price target on the stock. FBN Securities’ price target would indicate a potential upside of 11.16% from the company’s previous close.

A number of other research analysts have also weighed in on SPOT. The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Barclays boosted their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. China Renaissance initiated coverage on Spotify Technology in a research note on Wednesday. They issued a “buy” rating and a $740.00 price target on the stock. Finally, Morgan Stanley lifted their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $550.80.

Spotify Technology Price Performance

NYSE:SPOT opened at $580.27 on Friday. The business’s 50-day simple moving average is $576.80 and its 200-day simple moving average is $475.48. Spotify Technology has a fifty-two week low of $258.00 and a fifty-two week high of $652.63. The stock has a market capitalization of $118.79 billion, a PE ratio of 97.52 and a beta of 1.66.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Prostatis Group LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth approximately $213,000. 111 Capital acquired a new stake in Spotify Technology during the 4th quarter worth approximately $545,000. Lansforsakringar Fondforvaltning AB publ bought a new stake in Spotify Technology in the 4th quarter valued at $633,000. Wealthedge Investment Advisors LLC acquired a new position in Spotify Technology in the 4th quarter valued at $405,000. Finally, Copia Wealth Management acquired a new position in Spotify Technology in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.