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

Spotify Technology (NYSE:SPOT) had its price target increased by stock analysts at Wells Fargo & Company from $690.00 to $740.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 34.29% from the stock’s current price.

A number of other analysts have also recently commented on SPOT. KeyCorp upped their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Barclays upped their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Finally, The Goldman Sachs Group raised their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $557.47.

Spotify Technology Stock Down 2.5 %

NYSE SPOT traded down $14.36 on Friday, reaching $551.06. The company had a trading volume of 643,419 shares, compared to its average volume of 2,157,706. The stock has a market cap of $112.80 billion, a price-to-earnings ratio of 93.02 and a beta of 1.66. Spotify Technology has a 52 week low of $267.76 and a 52 week high of $652.63. The stock’s 50 day moving average is $582.30 and its 200-day moving average is $482.76.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. MassMutual Private Wealth & Trust FSB increased its holdings in Spotify Technology by 16.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 670 shares of the company’s stock valued at $369,000 after acquiring an additional 96 shares in the last quarter. Prostatis Group LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth $213,000. 111 Capital acquired a new position in Spotify Technology in the fourth quarter valued at $545,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of Spotify Technology in the fourth quarter worth approximately $633,000. Finally, Wealthedge Investment Advisors LLC purchased a new position in Spotify Technology during the fourth quarter worth approximately $405,000. 84.09% of the stock is currently 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.