Spotify Technology (NYSE:SPOT) Given New $740.00 Price Target at Wells Fargo & Company

Spotify Technology (NYSE:SPOT) had its target price hoisted by Wells Fargo & Company from $690.00 to $740.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Morgan Stanley boosted their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Canaccord Genuity Group boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Redburn Atlantic started coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, China Renaissance started coverage on shares of Spotify Technology in a research report on Wednesday. They set a “buy” rating and a $740.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $552.47.

Spotify Technology Stock Performance

NYSE SPOT opened at $559.76 on Friday. The stock has a market cap of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66. The firm has a 50-day moving average of $578.28 and a 200-day moving average of $477.12. Spotify Technology has a 52-week low of $260.80 and a 52-week high of $652.63.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the stock. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the 3rd quarter valued at approximately $26,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology in the 4th quarter valued at $27,000. Copia Wealth Management bought a new stake in Spotify Technology during the 4th quarter worth $29,000. Finally, Hobbs Group Advisors LLC bought a new stake in Spotify Technology during the 3rd quarter worth $33,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

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.