Citigroup Increases Spotify Technology (NYSE:SPOT) Price Target to $720.00

Spotify Technology (NYSE:SPOT - Free Report) had its target price increased by Citigroup from $540.00 to $720.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

SPOT has been the subject of a number of other reports. TD Cowen upped their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a "hold" rating in a research report on Wednesday, November 13th. Pivotal Research boosted their target price 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. Wolfe Research reissued a "peer perform" rating on shares of Spotify Technology in a research report on Friday, January 17th. Rosenblatt Securities reissued a "neutral" rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, Barclays upped their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $529.43.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded down $6.78 during trading on Friday, reaching $631.40. 1,931,221 shares of the company's stock were exchanged, compared to its average volume of 2,083,274. Spotify Technology has a 1-year low of $239.66 and a 1-year high of $652.63. The company has a market cap of $125.68 billion, a P/E ratio of 106.12 and a beta of 1.63. The firm's 50-day moving average price is $511.45 and its 200 day moving average price is $428.76.

Institutional Trading of Spotify Technology

Several hedge funds have recently made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the 3rd quarter worth about $26,000. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth about $27,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology in the third quarter valued at approximately $33,000. Finally, Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company's stock valued at $36,000 after buying an additional 33 shares in the last quarter. 84.09% of the stock is currently owned by 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.