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 report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.84% from the stock’s previous close.

A number of other equities research analysts have also recently commented on SPOT. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. The Goldman Sachs Group lifted their target price on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. TD Cowen lifted their target price on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. UBS Group lifted their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Finally, Morgan Stanley lifted their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $495.32.

Spotify Technology Stock Performance

Shares of SPOT traded up $0.73 during mid-day trading on Wednesday, reaching $622.50. 1,234,629 shares of the company were exchanged, compared to its average volume of 1,976,474. Spotify Technology has a 52 week low of $227.52 and a 52 week high of $630.77. The stock has a market capitalization of $123.91 billion, a PE ratio of 168.73 and a beta of 1.63. The business has a 50 day simple moving average of $485.02 and a two-hundred day simple moving average of $409.38.

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

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. First Horizon Advisors Inc. increased its holdings in shares of Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares in the last quarter. West Bancorporation Inc. grew its holdings in shares of Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after acquiring an additional 27 shares during the period. Joel Isaacson & Co. LLC grew its holdings in Spotify Technology by 1.9% during the fourth quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after purchasing an additional 29 shares during the period. Avior Wealth Management LLC lifted its position in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after acquiring an additional 30 shares in the last quarter. Finally, Park National Corp OH lifted its position in shares of Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after acquiring an additional 31 shares in the last quarter. Institutional investors 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.