Spotify Technology (NYSE:SPOT) Trading 6.1% Higher - What's Next?

Spotify Technology S.A. (NYSE:SPOT - Get Free Report) shot up 6.1% during trading on Monday . The stock traded as high as $552.00 and last traded at $534.03. 992,423 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 2,152,122 shares. The stock had previously closed at $503.30.

Wall Street Analyst Weigh In

SPOT has been the topic of several analyst reports. Cantor Fitzgerald reiterated a "neutral" rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. KeyCorp decreased their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a report on Wednesday. China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price for the company. Rosenblatt Securities restated a "neutral" rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, Macquarie lifted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $555.30.

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Spotify Technology Stock Performance

The stock's 50-day simple moving average is $581.80 and its 200-day simple moving average is $493.02. The firm 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 institutional investors have recently bought and sold shares of SPOT. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter worth $27,000. Copia Wealth Management purchased a new stake in Spotify Technology in the fourth quarter worth $29,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Spotify Technology by 209.1% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after purchasing an additional 46 shares in the last quarter. Finally, Quent Capital LLC lifted its position in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after buying an additional 57 shares during the period. 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.