Evercore ISI Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective cut by equities researchers at Evercore ISI from $700.00 to $650.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s price objective would suggest a potential upside of 8.01% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Guggenheim restated a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Macquarie increased their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. Finally, Rosenblatt Securities decreased their price target on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.71.

Spotify Technology Price Performance

SPOT opened at $601.80 on Wednesday. The stock’s 50 day moving average price is $569.30 and its 200 day moving average price is $512.73. The stock has a market cap of $123.19 billion, a P/E ratio of 101.14 and a beta of 1.75. Spotify Technology has a 12 month low of $283.39 and a 12 month high of $652.63.

Institutional Trading of Spotify Technology

Hedge funds have recently made changes to their positions in the stock. Florida Financial Advisors LLC purchased a new position in Spotify Technology during the first quarter valued at approximately $546,000. Zullo Investment Group Inc. grew its holdings in shares of Spotify Technology by 2.2% during the 1st quarter. Zullo Investment Group Inc. now owns 1,180 shares of the company’s stock valued at $649,000 after acquiring an additional 25 shares in the last quarter. LRI Investments LLC increased its stake in shares of Spotify Technology by 9.7% in the first quarter. LRI Investments LLC now owns 860 shares of the company’s stock worth $473,000 after acquiring an additional 76 shares during the last quarter. Westmount Partners LLC acquired a new position in shares of Spotify Technology in the first quarter worth $211,000. Finally, Schechter Investment Advisors LLC purchased a new stake in shares of Spotify Technology during the first quarter worth $386,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.