Spotify Technology (NYSE:SPOT) Given New $680.00 Price Target at UBS Group

Spotify Technology (NYSE:SPOT) had its price target lowered by UBS Group from $690.00 to $680.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

SPOT has been the topic of a number of other research reports. Barclays increased their price target 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 raised their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. KeyCorp lowered their price target on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Macquarie raised their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Morgan Stanley boosted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $563.07.

Spotify Technology Trading Up 4.2 %

Spotify Technology stock opened at $572.45 on Tuesday. The firm has a market capitalization of $117.18 billion, a P/E ratio of 96.21 and a beta of 1.75. Spotify Technology has a twelve month low of $267.76 and a twelve month high of $652.63. The stock’s fifty day simple moving average is $579.17 and its 200-day simple moving average is $495.60.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Net Worth Advisory Group purchased a new stake in shares of Spotify Technology during the first quarter worth approximately $738,000. Fifth Third Bancorp boosted its holdings in shares of Spotify Technology by 30.7% in the first quarter. Fifth Third Bancorp now owns 302 shares of the company’s stock valued at $166,000 after acquiring an additional 71 shares in the last quarter. Simon Quick Advisors LLC acquired a new position in shares of Spotify Technology during the first quarter worth about $707,000. Focus Financial Network Inc. lifted its position in Spotify Technology by 11.4% in the first quarter. Focus Financial Network Inc. now owns 577 shares of the company’s stock valued at $317,000 after purchasing an additional 59 shares during the period. Finally, Northeast Investment Management boosted its holdings in Spotify Technology by 13.0% in the 1st quarter. Northeast Investment Management now owns 18,658 shares of the company’s stock valued at $10,262,000 after purchasing an additional 2,141 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.