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

Spotify Technology (NYSE:SPOT) had its price target raised by Citigroup from $540.00 to $720.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 12.90% from the company’s current price.

A number of other analysts also recently weighed in on SPOT. Morgan Stanley increased their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Pivotal Research increased their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Guggenheim raised their target price on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, Bank of America raised their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $637.75 on Friday. The company has a market capitalization of $126.95 billion, a price-to-earnings ratio of 107.18 and a beta of 1.63. The firm’s 50 day simple moving average is $508.35 and its 200 day simple moving average is $425.40. Spotify Technology has a fifty-two week low of $239.66 and a fifty-two week high of $652.63.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Aigen Investment Management LP grew its stake in shares of Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology in the fourth quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $214,000. Finally, Pathway Capital Management LP boosted its position in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares during the period. 84.09% of the stock is owned by institutional investors.

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.