Spotify Technology (NYSE:SPOT) Shares Up 4.3% on Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s stock price was up 4.3% during trading on Wednesday after Robert W. Baird raised their price target on the stock from $700.00 to $730.00. Robert W. Baird currently has an outperform rating on the stock. Spotify Technology traded as high as $602.00 and last traded at $601.87. Approximately 2,016,748 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 2,134,755 shares. The stock had previously closed at $576.94.

A number of other equities research analysts also recently commented on SPOT. The Goldman Sachs Group lifted their price objective on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Wells Fargo & Company lifted 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. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $640.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday. Evercore ISI lowered their price target on Spotify Technology from $700.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Barclays dropped their price target on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $606.71.

Institutional Trading of Spotify Technology

Several large investors have recently bought and sold shares of the company. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $27,000. Tsfg LLC acquired a new stake in shares of Spotify Technology during the first quarter worth approximately $28,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $29,000. Finally, Cornerstone Planning Group LLC grew its position in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after buying an additional 41 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

The firm has a market cap of $123.19 billion, a price-to-earnings ratio of 101.14 and a beta of 1.75. The business’s 50-day moving average price is $569.30 and its two-hundred day moving average price is $512.73.

Spotify Technology Company Profile

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.