Spotify Technology (NYSE:SPOT) Research Coverage Started at FBN Securities

FBN Securities initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a research note released on Friday, Marketbeat Ratings reports. The brokerage issued a sector perform rating and a $645.00 target price on the stock.

Other equities research analysts also recently issued research reports about the stock. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. Redburn Atlantic assumed coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. KeyCorp boosted their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Macquarie raised their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, UBS Group upped their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $552.47.

Spotify Technology Trading Down 3.5 %

Shares of Spotify Technology stock opened at $559.76 on Friday. Spotify Technology has a twelve month low of $260.80 and a twelve month high of $652.63. The stock has a market cap of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66. The company has a fifty day moving average price of $578.28 and a 200 day moving average price of $479.17.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology in the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter worth approximately $27,000. Copia Wealth Management bought a new stake in Spotify Technology in the fourth quarter valued at approximately $29,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at approximately $33,000. Institutional investors and hedge funds 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.