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

Spotify Technology (NYSE:SPOT) had its price objective lifted by investment analysts at Wells Fargo & Company from $690.00 to $740.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 32.20% from the company’s previous close.

SPOT has been the topic of several other research reports. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Macquarie raised 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. Guggenheim reaffirmed a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, Morgan Stanley boosted their price target on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Stock Down 3.5 %

Shares of NYSE:SPOT opened at $559.76 on Friday. The company has a market cap of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66. The business has a 50 day moving average price of $578.28 and a 200 day moving average price of $478.17. Spotify Technology has a twelve month low of $260.80 and a twelve month high of $652.63.

Institutional Investors Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter valued at $27,000. Copia Wealth Management bought a new stake in shares of Spotify Technology during the fourth quarter worth $29,000. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter valued at $26,000. Finally, Hobbs Group Advisors LLC bought a new position in Spotify Technology in the third quarter valued at about $33,000. 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.