Spotify Technology (NYSE:SPOT) Given New $740.00 Price Target at Wells Fargo & Company

Spotify Technology (NYSE:SPOT) had its target price raised by Wells Fargo & Company from $690.00 to $740.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 29.84% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. UBS Group increased their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Citigroup boosted their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday. They set a “sector perform” rating and a $645.00 target price on the stock. Barclays increased their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley boosted their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $552.47.

Spotify Technology Trading Down 1.8 %

NYSE SPOT traded down $10.30 during midday trading on Friday, hitting $569.92. The company had a trading volume of 256,510 shares, compared to its average volume of 2,109,517. Spotify Technology has a twelve month low of $258.00 and a twelve month high of $652.63. The company has a market capitalization of $116.67 billion, a PE ratio of 95.95 and a beta of 1.66. The firm has a 50-day moving average price of $576.80 and a 200-day moving average price of $475.48.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prostatis Group LLC purchased a new stake in Spotify Technology during the fourth quarter worth about $213,000. 111 Capital bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $545,000. Lansforsakringar Fondforvaltning AB publ purchased a new position in Spotify Technology in the fourth quarter valued at approximately $633,000. Wealthedge Investment Advisors LLC bought a new position in Spotify Technology during the fourth quarter valued at $405,000. Finally, Copia Wealth Management bought a new position in Spotify Technology during the fourth quarter valued at $29,000. 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.