Citigroup Increases Spotify Technology (NYSE:SPOT) Price Target to $720.00

Spotify Technology (NYSE:SPOT) had its price target upped by stock analysts at Citigroup from $540.00 to $720.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 12.90% from the stock’s previous close.

SPOT has been the subject of several other reports. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Benchmark increased their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Price Performance

NYSE:SPOT opened at $637.75 on Friday. The stock has a market cap of $126.95 billion, a P/E ratio of 107.18 and a beta of 1.63. Spotify Technology has a one year low of $239.66 and a one year high of $652.63. The company has a fifty day moving average price of $508.35 and a 200 day moving average price of $425.40.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV grew its holdings in Spotify Technology by 1,805.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 126,761 shares of the company’s stock worth $56,710,000 after acquiring an additional 120,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Spotify Technology in the 4th quarter valued at about $58,169,000. Freestone Grove Partners LP bought a new position in shares of Spotify Technology in the 4th quarter valued at about $10,021,000. JAT Capital Mgmt LP bought a new position in shares of Spotify Technology in the 4th quarter valued at about $381,000. Finally, Utah Retirement Systems boosted its stake in shares of Spotify Technology by 16.4% in the 4th quarter. Utah Retirement Systems now owns 28,371 shares of the company’s stock valued at $12,693,000 after purchasing an additional 3,994 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

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.