Spotify Technology (NYSE:SPOT) Given New $657.00 Price Target at Rosenblatt Securities

Spotify Technology (NYSE:SPOT) had its price objective trimmed by Rosenblatt Securities from $658.00 to $657.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities research analysts have also issued research reports about the company. Redburn Atlantic started coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective on the stock. UBS Group lowered their price objective on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Guggenheim reissued a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Finally, China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target for the company. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $602.15.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $614.81 on Wednesday. The company’s 50 day moving average price is $569.30 and its two-hundred day moving average price is $511.15. The firm has a market capitalization of $125.86 billion, a P/E ratio of 103.33 and a beta of 1.75. Spotify Technology has a fifty-two week low of $280.66 and a fifty-two week high of $652.63.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Jennison Associates LLC purchased a new stake in Spotify Technology during the fourth quarter worth about $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology in the fourth quarter valued at $800,725,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology during the 4th quarter valued at $619,600,000. Geode Capital Management LLC lifted its holdings in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new position in Spotify Technology in the 4th quarter worth about $396,028,000. 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.