JPMorgan Chase & Co. Cuts Spotify Technology (NYSE:SPOT) Price Target to $640.00

Spotify Technology (NYSE:SPOT - Free Report) had its price target cut by JPMorgan Chase & Co. from $730.00 to $640.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts also recently weighed in on SPOT. Morgan Stanley increased their price objective on Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. The Goldman Sachs Group lifted 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. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. UBS Group cut their price target on Spotify Technology from $720.00 to $690.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Finally, Macquarie raised their price target on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus price target of $555.30.

Remove Ads

Spotify Technology Price Performance

NYSE SPOT traded down $9.78 on Tuesday, hitting $543.24. 2,153,397 shares of the stock were exchanged, compared to its average volume of 2,178,681. The business's fifty day moving average is $581.80 and its 200 day moving average is $493.02. Spotify Technology has a 52 week low of $267.76 and a 52 week high of $652.63. The company has a market capitalization of $111.21 billion, a PE ratio of 91.30 and a beta of 1.75.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. First Affirmative Financial Network acquired a new stake in shares of Spotify Technology in the 1st quarter valued at about $268,000. Pines Wealth Management LLC raised its position in shares of Spotify Technology by 4.6% in the first quarter. Pines Wealth Management LLC now owns 656 shares of the company's stock valued at $340,000 after purchasing an additional 29 shares during the period. SeaCrest Wealth Management LLC lifted its position in Spotify Technology by 41.3% during the first quarter. SeaCrest Wealth Management LLC now owns 2,552 shares of the company's stock worth $1,404,000 after acquiring an additional 746 shares during the last quarter. Annex Advisory Services LLC bought a new stake in Spotify Technology in the 1st quarter valued at $18,925,000. Finally, AMS Capital Ltda acquired a new position in shares of Spotify Technology in the first quarter valued at about $1,000,000. 84.09% of the stock is 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.