Wells Fargo & Company Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its target price raised by equities researchers at Wells Fargo & Company from $520.00 to $690.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 10.28% from the company’s current price.

Other analysts also recently issued research reports about the company. Pivotal Research boosted their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday. Piper Sandler raised their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Morgan Stanley raised their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Trading Down 0.1 %

Shares of NYSE:SPOT opened at $625.67 on Wednesday. Spotify Technology has a twelve month low of $227.52 and a twelve month high of $630.77. The firm has a market cap of $124.54 billion, a P/E ratio of 170.02 and a beta of 1.63. The company has a 50 day moving average of $488.02 and a 200-day moving average of $410.89.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 earnings per share. Equities research analysts forecast that Spotify Technology will post 5.91 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently made changes to their positions in the business. WCM Investment Management LLC increased its position in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. Jennison Associates LLC bought a new stake in Spotify Technology in the 4th quarter valued at $1,335,575,000. State Street Corp grew its position in Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the period. Institutional investors and hedge funds 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.