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

Spotify Technology (NYSE:SPOT) had its price target boosted by analysts at Wells Fargo & Company from $520.00 to $690.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 10.28% from the company’s current price.

Several other equities analysts have also recently commented on SPOT. TD Cowen raised their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Guggenheim boosted their target price on Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. UBS Group boosted their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, KeyCorp raised their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Trading Down 0.1 %

SPOT stock opened at $625.67 on Wednesday. The business’s 50-day moving average is $488.02 and its 200 day moving average is $410.89. The stock has a market cap of $124.54 billion, a price-to-earnings ratio of 170.02 and a beta of 1.63. Spotify Technology has a 12-month low of $227.52 and a 12-month high of $630.77.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) 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 analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. As a group, equities analysts forecast that Spotify Technology will post 5.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently bought and sold shares of the company. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology during the third quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $33,000. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. Quent Capital LLC boosted its position in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. Finally, V Square Quantitative Management LLC bought a new position in Spotify Technology during the 3rd quarter worth $40,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.