Spotify Technology (NYSE:SPOT) Coverage Initiated by Analysts at Redburn Atlantic

Stock analysts at Redburn Atlantic began coverage on shares of Spotify Technology (NYSE:SPOT) in a research report issued on Tuesday. The firm set a “neutral” rating and a $545.00 price target on the stock. Redburn Atlantic’s target price would indicate a potential upside of 9.85% from the company’s current price.

A number of other analysts also recently issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. UBS Group raised their price target on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. KeyCorp upped their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Benchmark raised their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, Phillip Securities restated an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Stock Performance

NYSE:SPOT traded up $6.87 during trading on Tuesday, reaching $496.11. The company’s stock had a trading volume of 877,351 shares, compared to its average volume of 2,233,521. Spotify Technology has a 12 month low of $249.58 and a 12 month high of $652.63. The firm has a market cap of $101.56 billion, a price-to-earnings ratio of 84.37 and a beta of 1.66. The firm has a 50 day moving average of $548.54 and a 200-day moving average of $455.47.

Institutional Trading of Spotify Technology

A number of large investors have recently modified their holdings of the business. Aigen Investment Management LP raised its stake in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Spotify Technology in the 4th quarter worth $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in shares of Spotify Technology during the 4th quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth $214,000. Finally, Pathway Capital Management LP lifted its holdings in shares of Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares during the last quarter. 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.