China Renaissance Begins Coverage on Spotify Technology (NYSE:SPOT)

China Renaissance initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a research report report published on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $740.00 target price on the stock.

Several other brokerages also recently weighed in on SPOT. KeyCorp upped their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Macquarie boosted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $547.55.

Spotify Technology Stock Down 6.3 %

Shares of SPOT stock opened at $576.86 on Wednesday. Spotify Technology has a 52 week low of $257.56 and a 52 week high of $652.63. The firm has a 50 day moving average of $575.00 and a two-hundred day moving average of $474.75. The stock has a market capitalization of $118.09 billion, a PE ratio of 96.95 and a beta of 1.66.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth about $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $214,000. Kestra Investment Management LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at approximately $780,000. Finally, Swedbank AB grew its holdings in Spotify Technology by 20.9% during the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock worth $423,279,000 after acquiring an additional 163,626 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.