Spotify Technology S.A. (NYSE:SPOT) Given Average Recommendation of “Moderate Buy” by Brokerages

Spotify Technology S.A. (NYSE:SPOT) has been assigned a consensus rating of “Moderate Buy” from the twenty-eight brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $529.43.

A number of brokerages recently issued reports on SPOT. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Pivotal Research raised their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, UBS Group boosted their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $636.52 on Friday. The firm has a market cap of $126.70 billion, a P/E ratio of 106.98 and a beta of 1.63. Spotify Technology has a 52-week low of $240.73 and a 52-week high of $652.63. The business’s 50 day simple moving average is $521.07 and its two-hundred day simple moving average is $433.77.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently bought and sold shares of the company. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology in the fourth quarter valued at $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the 4th quarter valued at about $27,000. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the third quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology during the third quarter worth about $33,000. Finally, Larson Financial Group LLC boosted its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.