Spotify Technology (NYSE:SPOT) Given New $520.00 Price Target at Wells Fargo & Company

Spotify Technology (NYSE:SPOT) had its price target raised by Wells Fargo & Company from $470.00 to $520.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the company. Rosenblatt Securities raised their price target on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley lifted their target price on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday. KeyCorp increased their price target on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Guggenheim lifted their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $412.72.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $467.34 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a 50-day simple moving average of $369.70 and a 200 day simple moving average of $334.73. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $473.00. The company has a market cap of $93.03 billion, a PE ratio of 126.99 and a beta of 1.56.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. bought a new stake in shares of Spotify Technology in the 1st quarter valued at approximately $342,000. Avantax Advisory Services Inc. acquired a new stake in Spotify Technology in the 1st quarter valued at $218,000. Bleakley Financial Group LLC grew its position in Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after acquiring an additional 177 shares during the period. Entropy Technologies LP bought a new stake in Spotify Technology in the first quarter valued at $1,127,000. Finally, Vanguard Group Inc. raised its stake in Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after acquiring an additional 23,675 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.