UBS Group Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price dropped by investment analysts at UBS Group from $690.00 to $680.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. UBS Group's price objective suggests a potential upside of 18.29% from the company's current price.

Several other equities research analysts have also commented on the stock. Cantor Fitzgerald restated a "neutral" rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. China Renaissance started coverage on Spotify Technology in a research note on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price on the stock. Rosenblatt Securities reissued a "neutral" rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and an average target price of $564.45.

Spotify Technology Stock Up 2.1 %

SPOT stock traded up $11.78 during mid-day trading on Tuesday, reaching $574.85. The company had a trading volume of 1,731,552 shares, compared to its average volume of 2,185,760. The stock's 50-day simple moving average is $575.74 and its two-hundred day simple moving average is $498.86. The stock has a market capitalization of $117.68 billion, a P/E ratio of 96.61 and a beta of 1.75. Spotify Technology has a one year low of $267.76 and a one year high of $652.63.

Institutional Trading of Spotify Technology

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in shares of Spotify Technology by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 224,209 shares of the company's stock valued at $82,628,000 after buying an additional 14,426 shares during the period. M&T Bank Corp raised its holdings in shares of Spotify Technology by 5.5% during the third quarter. M&T Bank Corp now owns 26,991 shares of the company's stock worth $9,947,000 after acquiring an additional 1,395 shares in the last quarter. Virtu Financial LLC acquired a new stake in Spotify Technology during the third quarter valued at $1,782,000. Wilmington Savings Fund Society FSB purchased a new position in Spotify Technology in the third quarter valued at about $1,477,000. Finally, Franklin Resources Inc. grew its stake in Spotify Technology by 2.6% in the third quarter. Franklin Resources Inc. now owns 641,720 shares of the company's stock valued at $239,041,000 after purchasing an additional 16,511 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.