Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Spotify Technology (NYSE:SPOT) had its price objective upped by Wells Fargo & Company from $470.00 to $520.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Phillip Securities restated an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday. Barclays lifted their price target on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday. KeyCorp increased their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday. Benchmark boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, Morgan Stanley upped their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Down 4.0 %

Shares of NYSE SPOT opened at $458.32 on Wednesday. The firm’s 50-day moving average is $378.15 and its two-hundred day moving average is $337.83. The company has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $489.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly 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). Spotify Technology had a return on equity of 20.99% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 6.19 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several institutional investors have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. raised its position in shares of Spotify Technology by 5.8% during 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 during the period. West Bancorporation Inc. grew its stake in Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after buying an additional 27 shares during the last quarter. Avior Wealth Management LLC increased its position in Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after buying an additional 30 shares during the period. Washington Trust Advisors Inc. lifted its stake in Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after buying an additional 32 shares during the last quarter. Finally, Rakuten Securities Inc. lifted 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 during the last quarter. Institutional investors 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.