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

Spotify Technology (NYSE:SPOT) had its price target hoisted by investment analysts at Wells Fargo & Company from $580.00 to $600.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 12.64% from the stock’s previous close.

SPOT has been the subject of a number of other research reports. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research report on Thursday, February 26th. JPMorgan Chase & Co. cut their price objective on shares of Spotify Technology from $700.00 to $600.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Citizens Jmp boosted their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $650.54.

Spotify Technology Trading Up 8.7%

NYSE:SPOT traded up $42.74 during trading hours on Friday, reaching $532.67. The company had a trading volume of 3,113,150 shares, compared to its average volume of 2,660,428. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a market cap of $109.67 billion, a price-to-earnings ratio of 42.38, a PEG ratio of 1.05 and a beta of 1.55. The firm’s 50 day moving average price is $479.71 and its 200-day moving average price is $523.90.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the previous year, the firm posted $1.07 EPS. The firm’s revenue was up 8.2% on a year-over-year basis. On average, analysts forecast that Spotify Technology will post 14.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. The trade was a 7.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. The trade was a 50.41% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last quarter, insiders sold 47,102 shares of company stock worth $21,444,648. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Spotify Technology

Several hedge funds have recently made changes to their positions in the business. Western Wealth Management LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at about $187,000. Hamilton Wealth LLC raised its position in shares of Spotify Technology by 100.0% during the 1st quarter. Hamilton Wealth LLC now owns 1,568 shares of the company’s stock valued at $760,000 after buying an additional 784 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Spotify Technology by 20.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock valued at $829,641,000 after buying an additional 286,844 shares in the last quarter. Cim LLC raised its position in shares of Spotify Technology by 83.3% during the 1st quarter. Cim LLC now owns 38,425 shares of the company’s stock valued at $18,633,000 after buying an additional 17,464 shares in the last quarter. Finally, Bull Harbor Capital LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at about $484,000. 84.09% of the stock is currently owned by hedge funds and other 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

Spotify Technology Company Profile

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.