Spotify Technology (NYSE:SPOT) Price Target Raised to $665.00 at Macquarie

Spotify Technology (NYSE:SPOT) had its target price upped by Macquarie from $600.00 to $665.00 in a research report report published on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. China Renaissance initiated coverage on Spotify Technology in a research note on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective on the stock in a research note on Monday, April 21st. Morgan Stanley upped their price objective on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Guggenheim reissued a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Finally, KeyCorp lowered their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $596.26.

Spotify Technology Trading Up 2.5 %

Shares of Spotify Technology stock opened at $621.16 on Friday. The company has a fifty day simple moving average of $571.23 and a 200-day simple moving average of $508.40. The stock has a market cap of $127.16 billion, a price-to-earnings ratio of 104.40 and a beta of 1.75. Spotify Technology has a 12-month low of $280.37 and a 12-month high of $652.63.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of SPOT. Thrivent Financial for Lutherans grew its holdings in Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after acquiring an additional 6,782 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc bought a new stake in Spotify Technology during the fourth quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Spotify Technology in the 4th quarter worth about $214,000. Finally, Swedbank AB boosted its holdings in shares of Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after buying an additional 163,626 shares during the period. 84.09% of the stock is currently owned by hedge funds and other 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.