Spotify Technology (NYSE:SPOT) Now Covered by Analysts at China Renaissance

China Renaissance started coverage on shares of Spotify Technology (NYSE:SPOT) in a research note released on Wednesday morning, MarketBeat reports. The brokerage issued a buy rating and a $740.00 target price on the stock.

A number of other research analysts have also recently commented on the company. Wells Fargo & Company upped their price objective on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Barclays increased their price target on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $552.47.

Spotify Technology Trading Down 3.5 %

Spotify Technology stock opened at $559.76 on Wednesday. The company has a 50-day moving average price of $578.28 and a 200 day moving average price of $477.12. Spotify Technology has a 12-month low of $260.80 and a 12-month high of $652.63. The stock has a market cap of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Auxano Advisors LLC grew its position in shares of Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after acquiring an additional 20 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after purchasing an additional 25 shares during the period. Covenant Partners LLC grew its position in Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock worth $458,000 after purchasing an additional 25 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Spotify Technology by 5.4% in the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock valued at $225,000 after purchasing an additional 26 shares during the period. Finally, Harbour Investments Inc. raised its holdings in shares of Spotify Technology by 13.3% in the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after buying an additional 26 shares during the last quarter. Hedge funds and other 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.