Spotify Technology (NYSE:SPOT) Earns Sector Perform Rating from Analysts at FBN Securities

FBN Securities started coverage on shares of Spotify Technology (NYSE:SPOT - Free Report) in a report released on Friday, Marketbeat.com reports. The brokerage issued a sector perform rating and a $645.00 price objective on the stock.

Several other research firms have also weighed in on SPOT. Canaccord Genuity Group raised their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target on the stock. UBS Group increased their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. Wolfe Research reaffirmed a "peer perform" rating on shares of Spotify Technology in a research note on Friday, January 17th. Finally, Macquarie increased their price target on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $552.47.

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Spotify Technology Stock Down 0.2 %

Shares of NYSE:SPOT traded down $1.18 during midday trading on Friday, hitting $548.85. The stock had a trading volume of 884,053 shares, compared to its average volume of 2,156,306. The company has a market capitalization of $112.35 billion, a P/E ratio of 92.24 and a beta of 1.66. The company's 50-day moving average price is $579.58 and its 200-day moving average price is $480.67. Spotify Technology has a fifty-two week low of $260.80 and a fifty-two week high of $652.63.

Institutional Inflows and Outflows

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

Spotify Technology Company Profile

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.