Spotify Technology (NYSE:SPOT) Now Covered by Analysts at FBN Securities

FBN Securities began coverage on shares of Spotify Technology (NYSE:SPOT) in a research note released on Friday morning, Marketbeat reports. The brokerage issued a sector perform rating and a $645.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the stock. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Citigroup raised their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Benchmark boosted their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $552.47.

Spotify Technology Trading Down 3.5 %

Spotify Technology stock opened at $559.76 on Friday. The business’s fifty day simple moving average is $578.28 and its two-hundred day simple moving average is $477.12. Spotify Technology has a 12 month low of $260.80 and a 12 month high of $652.63. The company has a market capitalization of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Prostatis Group LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at about $213,000. 111 Capital bought a new stake in Spotify Technology during the 4th quarter worth approximately $545,000. Lansforsakringar Fondforvaltning AB publ purchased a new position in Spotify Technology during the fourth quarter valued at approximately $633,000. Wealthedge Investment Advisors LLC bought a new position in shares of Spotify Technology in the fourth quarter worth approximately $405,000. Finally, Copia Wealth Management purchased a new stake in shares of Spotify Technology in the fourth quarter worth $29,000. 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.