Spotify Technology S.A. (NYSE:SPOT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Spotify Technology S.A. (NYSE:SPOT) has been given an average recommendation of “Moderate Buy” by the twenty-eight ratings firms that are covering the company, Marketbeat.com reports. Eight research analysts have rated the stock with a hold recommendation and twenty have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $540.68.

A number of equities research analysts have weighed in on SPOT shares. KeyCorp lifted their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley lifted their target price on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Guggenheim reaffirmed a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Finally, Barclays lifted their target price on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $576.02 on Tuesday. Spotify Technology has a 52-week low of $249.58 and a 52-week high of $652.63. The firm has a market capitalization of $117.92 billion, a P/E ratio of 96.81 and a beta of 1.66. The stock has a 50 day moving average price of $555.35 and a 200 day moving average price of $460.27.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $27,000. Copia Wealth Management acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $29,000. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $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.