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

Spotify Technology (NYSE:SPOT) had its price target upped by stock analysts at Wells Fargo & Company from $740.00 to $750.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 15.46% from the stock’s previous close.

Several other equities analysts have also commented on SPOT. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $730.00 to $780.00 and gave the company an “overweight” rating in a research report on Friday, July 11th. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Pivotal Research increased their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Barclays raised their target price on shares of Spotify Technology from $650.00 to $800.00 and gave the stock an “overweight” rating in a report on Wednesday, July 9th. Finally, KeyCorp raised their target price on shares of Spotify Technology from $640.00 to $860.00 and gave the stock an “overweight” rating in a report on Friday, July 11th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $718.90.

Spotify Technology Stock Performance

SPOT opened at $649.57 on Tuesday. The stock has a market capitalization of $132.97 billion, a price-to-earnings ratio of 157.66, a PEG ratio of 1.67 and a beta of 1.68. The company has a fifty day moving average of $701.48 and a 200 day moving average of $621.28. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 4.76% and a return on equity of 14.62%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the business earned $0.97 EPS. Spotify Technology’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $26,000. Tsfg LLC purchased a new stake in shares of Spotify Technology in the 1st quarter valued at $28,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $29,000. Cornerstone Planning Group LLC boosted its holdings in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after acquiring an additional 41 shares during the last quarter. Finally, North Star Investment Management Corp. boosted its holdings in shares of Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after acquiring an additional 19 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.