Wells Fargo & Company Boosts Spotify Technology (NYSE:SPOT) Price Target to $740.00

Spotify Technology (NYSE:SPOT) had its price target lifted by research analysts at Wells Fargo & Company from $690.00 to $740.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 32.33% from the stock’s previous close.

SPOT has been the topic of several other research reports. Guggenheim restated a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. UBS Group lifted their price objective on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group lifted their price objective on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Price Performance

NYSE SPOT traded down $6.21 on Friday, reaching $559.20. The company had a trading volume of 1,489,375 shares, compared to its average volume of 2,330,229. The firm has a market cap of $114.47 billion, a price-to-earnings ratio of 93.98 and a beta of 1.66. Spotify Technology has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The business has a 50 day moving average of $582.30 and a two-hundred day moving average of $482.76.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $1,335,575,000. GQG Partners LLC acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $800,725,000. Forsta AP Fonden purchased a new stake in Spotify Technology during the 4th quarter worth approximately $619,600,000. Geode Capital Management LLC lifted its holdings in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Spotify Technology in the fourth quarter worth $396,028,000. Hedge funds and other institutional investors 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.