Spotify Technology (NYSE:SPOT) Earns Buy Rating from Analysts at China Renaissance

Stock analysts at China Renaissance began coverage on shares of Spotify Technology (NYSE:SPOT) in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $740.00 price target on the stock. China Renaissance’s price objective indicates a potential upside of 20.16% from the company’s current price.

SPOT has been the subject of a number of other reports. Cantor Fitzgerald restated a “neutral” rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Canaccord Genuity Group lifted their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Macquarie boosted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Finally, Citigroup boosted their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $547.55.

Spotify Technology Trading Up 1.8 %

SPOT stock opened at $615.84 on Wednesday. The firm has a 50 day moving average of $573.25 and a 200-day moving average of $474.03. The firm has a market capitalization of $126.07 billion, a P/E ratio of 103.50 and a beta of 1.66. Spotify Technology has a 12 month low of $257.56 and a 12 month high of $652.63.

Institutional Trading of Spotify Technology

Institutional investors have recently modified their holdings of the company. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $26,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $27,000. Copia Wealth Management purchased a new stake in Spotify Technology in the fourth quarter worth $29,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth about $33,000. 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.