Spotify Technology (NYSE:SPOT - Get Free Report) had its target price cut by investment analysts at UBS Group from $720.00 to $690.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's target price suggests a potential upside of 37.20% from the stock's current price.
SPOT has been the topic of a number of other research reports. Morgan Stanley lifted their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Cantor Fitzgerald reissued a "neutral" rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Redburn Atlantic began coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price on the stock. Finally, Canaccord Genuity Group lifted their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $557.47.
Check Out Our Latest Stock Analysis on SPOT
Spotify Technology Stock Performance
Shares of SPOT traded down $55.52 during mid-day trading on Wednesday, reaching $502.90. The company had a trading volume of 4,146,568 shares, compared to its average volume of 2,158,897. The company has a market capitalization of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75. The firm has a 50-day moving average price of $583.28 and a 200 day moving average price of $484.42. Spotify Technology has a 52 week low of $267.76 and a 52 week high of $652.63.
Hedge Funds Weigh In On Spotify Technology
A number of large investors have recently bought and sold shares of the company. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the third quarter worth $26,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the fourth quarter worth about $27,000. Copia Wealth Management purchased a new position in Spotify Technology in the 4th quarter worth approximately $29,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology in the third quarter valued at $33,000. Hedge funds and other institutional investors own 84.09% of the company's stock.
Spotify Technology Company Profile
(
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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.
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