China Renaissance Initiates Coverage on Spotify Technology (NYSE:SPOT)

Equities researchers at China Renaissance initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a report released 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 suggests a potential upside of 20.16% from the company’s current price.

SPOT has been the subject of several other reports. UBS Group lifted their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Guggenheim reissued a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, Benchmark upped their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $547.55.

Spotify Technology Stock Up 1.8 %

SPOT opened at $615.84 on Wednesday. Spotify Technology has a twelve month low of $257.56 and a twelve month high of $652.63. The company has a fifty day moving average of $573.25 and a 200-day moving average of $474.03. The stock has a market cap of $126.07 billion, a PE ratio of 103.50 and a beta of 1.66.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in Spotify Technology in the 4th quarter valued at about $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth about $800,725,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $619,600,000. Geode Capital Management LLC lifted its stake in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after buying 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 approximately $396,028,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.