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

Spotify Technology (NYSE:SPOT) had its price target raised by 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 target would suggest a potential upside of 29.84% from the company’s previous close.

A number of other analysts have also weighed in on SPOT. Citigroup raised their target price on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Redburn Atlantic began coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price for the company. Morgan Stanley boosted their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Benchmark raised their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Finally, Canaccord Genuity Group boosted their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Stock Down 1.8 %

NYSE:SPOT traded down $10.30 on Friday, reaching $569.92. The stock had a trading volume of 256,510 shares, compared to its average volume of 2,109,517. The company has a market capitalization of $116.67 billion, a P/E ratio of 95.95 and a beta of 1.66. The stock has a fifty day moving average price of $576.80 and a 200-day moving average price of $475.48. Spotify Technology has a 1-year low of $258.00 and a 1-year high of $652.63.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds have recently bought and sold shares of SPOT. Auxano Advisors LLC raised its stake in Spotify Technology by 2.5% in the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after buying an additional 20 shares during the period. SRS Capital Advisors Inc. grew its stake in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after buying an additional 25 shares during the last quarter. Covenant Partners LLC raised its holdings in Spotify Technology by 2.5% in the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. lifted its position in Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after acquiring an additional 26 shares during the last quarter. Finally, Harbour Investments Inc. grew its position in shares of Spotify Technology by 13.3% in the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after purchasing an additional 26 shares during the last quarter. 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.