Brokerages Set Spotify Technology S.A. (NYSE:SPOT) Target Price at $557.47

Shares of Spotify Technology S.A. (NYSE:SPOT) have been given an average recommendation of “Moderate Buy” by the thirty research firms that are covering the firm, Marketbeat reports. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $557.47.

Several research firms have recently weighed in on SPOT. Redburn Atlantic started coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target for the company. Canaccord Genuity Group upped their target price 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. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Finally, Wells Fargo & Company increased their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th.

Spotify Technology Stock Performance

Shares of SPOT opened at $517.15 on Friday. The firm has a market capitalization of $105.86 billion, a PE ratio of 86.92 and a beta of 1.75. The stock has a 50 day simple moving average of $583.36 and a 200 day simple moving average of $487.52. Spotify Technology has a 52-week low of $267.76 and a 52-week high of $652.63.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $26,000. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology during the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology during the fourth quarter worth approximately $27,000. Copia Wealth Management bought a new stake in shares of Spotify Technology during the fourth quarter worth approximately $29,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the third quarter valued at approximately $33,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.