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

Spotify Technology (NYSE:SPOT) had its target price lifted by Wells Fargo & Company from $690.00 to $740.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

SPOT has been the subject of several other research reports. Macquarie increased their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Barclays increased their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. FBN Securities assumed coverage on shares of Spotify Technology in a research report on Friday. They set a “sector perform” rating and a $645.00 price objective for the company. Finally, Morgan Stanley boosted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $552.47.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $559.76 on Friday. The firm has a market cap of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66. Spotify Technology has a 52 week low of $260.80 and a 52 week high of $652.63. The firm’s fifty day moving average is $578.28 and its 200-day moving average is $477.12.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Jennison Associates LLC acquired a new position in Spotify Technology during the 4th quarter valued at about $1,335,575,000. GQG Partners LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $800,725,000. Forsta AP Fonden purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $619,600,000. Geode Capital Management LLC grew its holdings in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology during the fourth quarter worth $396,028,000. 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.