Spotify Technology (NYSE:SPOT) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Spotify Technology (NYSE:SPOT - Free Report) from a peer perform rating to an outperform rating in a research report released on Monday morning, Marketbeat reports. The firm currently has $660.00 target price on the stock.

Several other equities analysts have also commented on the stock. Barclays increased their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. decreased their price objective on Spotify Technology from $730.00 to $640.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Citigroup boosted their target price on Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. Benchmark raised their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Finally, Wells Fargo & Company boosted their price objective on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. Seven investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $596.26.

Spotify Technology Stock Performance

SPOT traded up $15.21 during midday trading on Monday, hitting $621.16. The stock had a trading volume of 2,578,076 shares, compared to its average volume of 2,101,529. Spotify Technology has a 1 year low of $271.65 and a 1 year high of $652.63. The business has a fifty day moving average of $571.43 and a 200 day moving average of $504.84. The company has a market cap of $127.16 billion, a P/E ratio of 104.40 and a beta of 1.75.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its holdings in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after acquiring an additional 6,782 shares during the period. Jennison Associates LLC purchased a new stake in Spotify Technology during the 4th quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in Spotify Technology during the fourth quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at about $214,000. Finally, Swedbank AB grew its position in shares of Spotify Technology by 20.9% during the fourth quarter. Swedbank AB now owns 946,129 shares of the company's stock valued at $423,279,000 after purchasing an additional 163,626 shares in the last quarter. Hedge funds and other institutional investors 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.