Wells Fargo & Company Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price hoisted by Wells Fargo & Company from $520.00 to $690.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also issued research reports about the stock. Macquarie increased their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Pivotal Research raised their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research note 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $509.61.

Spotify Technology Trading Up 0.5 %

Shares of NYSE:SPOT opened at $625.04 on Wednesday. The business’s 50 day moving average is $485.02 and its 200-day moving average is $409.38. The firm has a market capitalization of $124.41 billion, a PE ratio of 169.85 and a beta of 1.63. Spotify Technology has a 1-year low of $227.52 and a 1-year high of $630.77.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts predict that Spotify Technology will post 5.91 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC increased its position in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC bought a new stake in Spotify Technology during the third quarter worth $40,000. Finally, Rakuten Securities Inc. boosted its stake in Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares in the last quarter. 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.