Spotify Technology (NYSE:SPOT) Now Covered by China Renaissance

Equities researchers at China Renaissance started coverage on shares of Spotify Technology (NYSE:SPOT - Get Free Report) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $740.00 price target on the stock. China Renaissance's price objective would indicate a potential upside of 32.20% from the company's current price.

A number of other equities research analysts have also commented on the company. Wells Fargo & Company upped their target price on Spotify Technology from $520.00 to $690.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Macquarie upped 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. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Rosenblatt Securities restated a "neutral" rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, Canaccord Genuity Group increased their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $552.47.

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Spotify Technology Price Performance

SPOT traded down $20.46 on Wednesday, reaching $559.76. 1,919,973 shares of the stock were exchanged, compared to its average volume of 2,157,099. The company's 50-day moving average price is $578.28 and its 200 day moving average price is $478.17. The firm has a market capitalization of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66. Spotify Technology has a fifty-two week low of $260.80 and a fifty-two week high of $652.63.

Institutional Trading of Spotify Technology

Hedge funds have recently bought and sold shares of the business. Jennison Associates LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. FMR LLC boosted its stake in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after buying an additional 473,569 shares during the last quarter. State Street Corp grew its holdings in Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company's stock valued at $736,073,000 after buying an additional 28,864 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after acquiring an additional 7,075 shares during the last quarter. Finally, GQG Partners LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth $800,725,000. Institutional investors and hedge funds own 84.09% of the company's stock.

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.