Spotify Technology (NYSE:SPOT) Now Covered by Analysts at China Renaissance

Equities research analysts at China Renaissance assumed coverage on shares of Spotify Technology (NYSE:SPOT) in a report issued on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $740.00 price target on the stock. China Renaissance’s price objective would indicate a potential upside of 27.53% from the stock’s previous close.

Several other analysts have also recently commented on SPOT. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Guggenheim reissued a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Barclays boosted their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. UBS Group increased their price target on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Finally, The Goldman Sachs Group boosted 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. Eight 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $547.55.

Spotify Technology Price Performance

SPOT opened at $580.27 on Wednesday. The firm has a 50 day simple moving average of $576.80 and a 200 day simple moving average of $475.48. Spotify Technology has a fifty-two week low of $258.00 and a fifty-two week high of $652.63. The company has a market cap of $118.79 billion, a price-to-earnings ratio of 97.52 and a beta of 1.66.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the third quarter valued at $26,000. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $27,000. Copia Wealth Management bought a new stake in Spotify Technology during the fourth quarter worth about $29,000. Finally, Hobbs Group Advisors LLC bought a new stake in Spotify Technology during the third quarter worth about $33,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.