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

Spotify Technology (NYSE:SPOT) had its target price raised by equities research analysts at Wells Fargo & Company from $520.00 to $690.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.84% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on SPOT. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Morgan Stanley increased their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Guggenheim increased their price target on shares of Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $495.32.

Spotify Technology Trading Up 0.1 %

Spotify Technology stock traded up $0.73 during trading on Wednesday, hitting $622.50. The company had a trading volume of 1,234,629 shares, compared to its average volume of 1,976,474. Spotify Technology has a 1-year low of $227.52 and a 1-year high of $630.77. The company’s 50 day simple moving average is $485.02 and its 200-day simple moving average is $409.38. The stock has a market cap of $123.91 billion, a price-to-earnings ratio of 168.73 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. As a group, 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 hedge funds have recently made changes to their positions in SPOT. Aigen Investment Management LP boosted its stake in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Spotify Technology in the 4th quarter valued at about $1,335,575,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Spotify Technology in the 4th quarter valued at about $214,000. Pathway Capital Management LP boosted its stake in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares during the last quarter. Finally, Perpetual Ltd boosted its stake in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the last quarter. 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.