Wells Fargo & Company Raises Spotify Technology (NYSE:SPOT) Price Target to $690.00

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

A number of other analysts also recently issued reports on the stock. Benchmark reaffirmed a “buy” rating and set a $520.00 price objective on shares of Spotify Technology in a report on Thursday, January 16th. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. KeyCorp boosted their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley raised their target price on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Barclays upped their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday. One investment 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 stock has a consensus rating of “Moderate Buy” and an average price target of $509.61.

Spotify Technology Trading Up 0.5 %

SPOT opened at $625.04 on Wednesday. The company’s fifty day moving average price is $485.02 and its two-hundred day moving average price is $409.38. The company has a market cap of $124.41 billion, a price-to-earnings 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 issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for 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%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 earnings per share. As a group, equities analysts forecast that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of the company. SRS Capital Advisors Inc. grew its stake in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. grew its position in shares of Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares during the period. Joel Isaacson & Co. LLC grew its position in shares of Spotify Technology by 1.9% in 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. Finally, Avior Wealth Management LLC increased its stake in 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 purchasing an additional 30 shares during 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.