JPMorgan Chase & Co. Cuts Spotify Technology (NYSE:SPOT) Price Target to $640.00

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

Other analysts have also recently issued research reports about the company. Barclays increased 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. Canaccord Genuity Group increased their target price on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Benchmark increased their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Citigroup increased their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, China Renaissance initiated coverage on Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $555.30.

Spotify Technology Trading Down 2.7 %

Shares of NYSE SPOT opened at $553.91 on Tuesday. The stock has a market capitalization of $113.39 billion, a PE ratio of 93.09 and a beta of 1.75. The stock’s fifty day simple moving average is $583.39 and its two-hundred day simple moving average is $491.92. Spotify Technology has a 12-month low of $267.76 and a 12-month high of $652.63.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Auxano Advisors LLC grew its position in Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. grew its position in shares of Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after acquiring an additional 25 shares during the period. Covenant Partners LLC grew its position in shares of Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. grew its position in shares of Spotify Technology by 5.4% during the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock valued at $225,000 after acquiring an additional 26 shares during the period. Finally, Harbour Investments Inc. grew its position in shares of Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after acquiring an additional 26 shares during the period. 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.