Spotify Technology (NYSE:SPOT) Price Target Raised to $750.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company raised Spotify's price target to $750.00, indicating a potential upside of 20.89% from the stock's previous close.
• Spotify Technology reported a revenue of $4.41 billion for the last quarter, surpassing estimates, despite missing earnings per share expectations.
• Currently, the stock has a consensus rating of "Moderate Buy", with 20 analysts recommending buy ratings and only one advising a sell.

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price boosted by stock analysts at Wells Fargo & Company from $740.00 to $750.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 20.89% from the stock's previous close.

Several other research firms have also recently issued reports on SPOT. Macquarie increased their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Benchmark increased their price objective on Spotify Technology from $700.00 to $840.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. UBS Group raised their price target on Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, Robert W. Baird raised their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $727.86.

Spotify Technology Price Performance

Shares of SPOT stock traded down $80.56 during trading hours on Tuesday, hitting $620.42. The stock had a trading volume of 11,456,380 shares, compared to its average volume of 2,307,595. The firm has a market capitalization of $127.01 billion, a PE ratio of 102.89, a PEG ratio of 1.87 and a beta of 1.68. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The stock's 50 day moving average is $702.10 and its 200 day moving average is $621.08.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the business earned $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the company. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the 4th quarter worth $26,000. Tsfg LLC bought a new position in Spotify Technology during the 1st quarter worth $28,000. Copia Wealth Management bought a new position in Spotify Technology during the 4th quarter worth $29,000. Cornerstone Planning Group LLC grew its stake in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after buying an additional 41 shares during the last quarter. Finally, North Star Investment Management Corp. grew its stake in Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after buying an additional 19 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.

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