Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Spotify Technology (NYSE:SPOT) had its price target lifted by Wells Fargo & Company from $420.00 to $470.00 in a research note published on Monday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms also recently weighed in on SPOT. Evercore ISI raised their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Redburn Atlantic restated a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a research report on Wednesday, July 10th. KeyCorp upped their target price on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price target on Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Wolfe Research assumed coverage on Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $376.21.

Spotify Technology Stock Performance

NYSE:SPOT opened at $385.15 on Monday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a fifty-two week low of $161.39 and a fifty-two week high of $397.20. The stock has a market cap of $73.26 billion, a PE ratio of -574.85 and a beta of 1.58. The firm’s fifty day simple moving average is $360.59 and its 200-day simple moving average is $328.12.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SPOT. Mirae Asset Global Investments Co. Ltd. raised its stake in Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after acquiring an additional 18,731 shares during the period. Perpetual Ltd increased its holdings in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the last quarter. TD Asset Management Inc raised its position in shares of Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Spotify Technology by 121.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after buying an additional 4,060 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its stake in shares of Spotify Technology by 64.7% during the 3rd quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock worth $1,657,000 after buying an additional 1,765 shares during the last quarter. Institutional investors and hedge funds 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.