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

Spotify Technology (NYSE:SPOT) had its price target hoisted by investment analysts at Wells Fargo & Company from $470.00 to $520.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 8.88% from the company’s current price.

A number of other research firms also recently commented on SPOT. Macquarie raised their target price on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Morgan Stanley lifted their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Evercore ISI boosted their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Price Performance

Shares of SPOT opened at $477.59 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average is $372.46 and its two-hundred day moving average is $335.65. Spotify Technology has a twelve month low of $170.62 and a twelve month high of $489.69. The firm has a market capitalization of $95.07 billion, a PE ratio of 131.68 and a beta of 1.56.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the 2nd quarter worth $25,000. Benjamin Edwards Inc. lifted its stake in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. boosted its position in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the period. Asset Dedication LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at about $35,000. Finally, Larson Financial Group LLC raised its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

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.