Spotify Technology (NYSE:SPOT) Price Target Lowered to $690.00 at UBS Group

Spotify Technology (NYSE:SPOT) had its target price lowered by UBS Group from $720.00 to $690.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

SPOT has been the topic of a number of other research reports. Canaccord Genuity Group lifted their target price 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. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Rosenblatt Securities restated a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. China Renaissance initiated coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target on the stock. Finally, KeyCorp increased their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Nine 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $557.47.

Spotify Technology Price Performance

Shares of SPOT opened at $565.17 on Wednesday. The firm has a market cap of $115.69 billion, a P/E ratio of 94.99 and a beta of 1.66. Spotify Technology has a 1 year low of $267.76 and a 1 year high of $652.63. The stock has a 50 day simple moving average of $582.30 and a two-hundred day simple moving average of $482.76.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently modified their holdings of the business. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at about $26,000. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology in the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the 4th quarter worth approximately $27,000. Copia Wealth Management purchased a new stake in Spotify Technology during the 4th quarter valued at $29,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at $33,000. 84.09% of the stock is 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.