Spotify Technology S.A. (NYSE:SPOT) Receives $514.79 Consensus Target Price from Analysts

Spotify Technology S.A. (NYSE:SPOT) has been given an average recommendation of “Moderate Buy” by the twenty-eight analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $529.43.

A number of research analysts have weighed in on the company. TD Cowen lifted their target price on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. UBS Group upped their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. 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 report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th.

Spotify Technology Stock Performance

NYSE:SPOT opened at $636.52 on Friday. The business’s fifty day moving average is $521.07 and its 200 day moving average is $433.77. The firm has a market cap of $126.70 billion, a price-to-earnings 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.

Institutional Trading of Spotify Technology

Several institutional investors have recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the 4th quarter worth approximately $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology in the 4th quarter worth approximately $27,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at approximately $33,000. Finally, Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. 84.09% of the stock is currently 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.