Spotify Technology (NYSE:SPOT) Price Target Raised to $600.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on Spotify Technology from $580 to $600 and kept an overweight rating, implying about 12.64% upside from the current share price.
• Spotify shares were up 8.7% on the day to $532.67, as the company continued to draw bullish analyst attention; the consensus rating is now Moderate Buy with an average target of $650.54.
• The company also posted a solid quarterly beat, reporting $4.04 EPS versus $3.41 expected and $5.25 billion in revenue, while revenue rose 8.2% year over year.

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target lifted by research analysts at Wells Fargo & Company from $580.00 to $600.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 12.64% from the stock's current price.

Several other research analysts have also recently weighed in on the stock. Citigroup raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $650.00 price target on the stock in a report on Friday, January 30th. Morgan Stanley increased their target price on Spotify Technology from $590.00 to $610.00 and gave the company an "overweight" rating in a research note on Friday. Daiwa Securities Group initiated coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an "outperform" rating and a $535.00 target price on the stock. Canaccord Genuity Group reduced their target price on Spotify Technology from $750.00 to $720.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Finally, Arete Research raised Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 target price on the stock in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $650.54.

Spotify Technology Trading Up 8.7%

Shares of Spotify Technology stock traded up $42.74 during trading on Friday, hitting $532.67. The stock had a trading volume of 3,113,150 shares, compared to its average volume of 2,660,428. The firm has a market cap of $109.67 billion, a price-to-earnings ratio of 42.38, a P/E/G ratio of 1.05 and a beta of 1.55. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The business's 50-day moving average is $479.71 and its 200 day moving average is $523.90.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.07 earnings per share. As a group, equities analysts expect that Spotify Technology will post 14.87 EPS for the current year.

Insider Activity

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the transaction, the chief executive officer directly owned 20,492 shares of the company's stock, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the firm's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the sale, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 47,102 shares of company stock valued at $21,444,648. Company insiders own 0.40% of the company's stock.

Institutional Trading of Spotify Technology

Large investors have recently modified their holdings of the business. Greykasell Wealth Strategies Inc. grew its stake in shares of Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock worth $27,000 after purchasing an additional 38 shares during the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $26,000. Westfuller Advisors LLC bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $29,000. JPL Wealth Management LLC bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $35,000. Finally, Chilton Capital Management LLC boosted its position in Spotify Technology by 183.3% during the 3rd quarter. Chilton Capital Management LLC now owns 51 shares of the company's stock valued at $36,000 after acquiring an additional 33 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

More Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Citizens JMP raised its price target on Spotify Technology (SPOT) to $625 and kept a market outperform rating, signaling confidence in further upside. Benzinga article
• Positive Sentiment: Barclays lifted its target to $565 and reiterated an overweight rating, reflecting continued bullish sentiment after Spotify’s investor presentation. Benzinga article
• Positive Sentiment: Morgan Stanley increased its target to $610 and maintained an overweight rating, saying Spotify has earned more credibility with investors on its long-term strategy. TheStreet article
• Positive Sentiment: Spotify unveiled several new AI-driven and engagement-focused products, including AI music covers/remixes with Universal Music, personal podcast tools, and concert ticket perks for top fans, which could create new revenue streams and improve user retention. Reuters article

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

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