Wells Fargo & Company Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target lifted by equities researchers 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 target points to a potential upside of 10.79% from the company’s current price.

SPOT has been the topic of several other research reports. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and upped their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday. KeyCorp boosted their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. Rosenblatt Securities raised their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Barclays boosted their price target on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report 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 stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $402.38.

Spotify Technology Trading Up 11.9 %

NYSE SPOT traded up $49.95 during trading on Wednesday, hitting $469.34. The stock had a trading volume of 7,828,577 shares, compared to its average volume of 1,897,820. The stock has a market capitalization of $93.42 billion, a price-to-earnings ratio of 127.96 and a beta of 1.56. The stock has a 50 day simple moving average of $369.70 and a 200 day simple moving average of $334.73. Spotify Technology has a one year low of $170.62 and a one year high of $472.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of SPOT. Transcendent Capital Group LLC acquired a new stake in Spotify Technology during the 2nd quarter valued at approximately $25,000. Benjamin Edwards Inc. lifted its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. boosted its holdings in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the last quarter. Asset Dedication LLC acquired a new stake in Spotify Technology during the 2nd quarter worth about $35,000. Finally, Larson Financial Group LLC raised its stake 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 last quarter. 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.