Spotify Technology (NYSE:SPOT - Get Free Report) had its target price lifted by equities researchers at Wells Fargo & Company from $690.00 to $740.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 34.83% from the stock's previous close.
Several other research firms have also issued reports on SPOT. Citigroup lifted their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Redburn Atlantic assumed coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price for the company. KeyCorp increased their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Canaccord Genuity Group upped their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Finally, Macquarie lifted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $552.47.
Get Our Latest Stock Analysis on SPOT
Spotify Technology Stock Down 0.2 %
Shares of NYSE SPOT traded down $1.18 on Friday, reaching $548.85. 884,053 shares of the company's stock traded hands, compared to its average volume of 2,156,306. Spotify Technology has a 12 month low of $260.80 and a 12 month high of $652.63. The company has a market cap of $112.35 billion, a price-to-earnings ratio of 92.24 and a beta of 1.66. The business's 50 day simple moving average is $579.58 and its two-hundred day simple moving average is $480.67.
Hedge Funds Weigh In On Spotify Technology
Several hedge funds have recently bought and sold shares of the business. Prostatis Group LLC purchased a new stake in shares of Spotify Technology during the fourth quarter valued at $213,000. 111 Capital bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $545,000. Lansforsakringar Fondforvaltning AB publ purchased a new position in Spotify Technology during the fourth quarter valued at approximately $633,000. Wealthedge Investment Advisors LLC bought a new position in Spotify Technology in the fourth quarter worth approximately $405,000. Finally, Copia Wealth Management purchased a new stake in Spotify Technology during the fourth quarter worth $29,000. Institutional investors own 84.09% of the company's stock.
About Spotify Technology
(
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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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