Spotify Technology (NYSE:SPOT) Given New $640.00 Price Target at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT) had its target price lowered by JPMorgan Chase & Co. from $730.00 to $640.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

SPOT has been the topic of several other reports. Canaccord Genuity Group lifted their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Morgan Stanley lifted their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Macquarie increased their target price on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. China Renaissance started coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 target price for the company. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $554.47.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $514.74 on Tuesday. Spotify Technology has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The company has a market capitalization of $105.37 billion, a P/E ratio of 86.51 and a beta of 1.75. The company has a fifty day moving average of $582.51 and a 200 day moving average of $488.76.

Institutional Trading of Spotify Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $26,000. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the 4th quarter worth about $27,000. Copia Wealth Management acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $29,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $33,000. 84.09% of the stock is 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.