Spotify Technology (NYSE:SPOT) Price Target Cut to $710.00 by Analysts at Wells Fargo & Company

Spotify Technology (NYSE:SPOT) had its target price lowered by Wells Fargo & Company from $750.00 to $710.00 in a report released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research analysts also recently commented on the company. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Guggenheim dropped their target price on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Rosenblatt Securities cut their price target on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. BNP Paribas Exane started coverage on shares of Spotify Technology in a research report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price target on the stock. Finally, Benchmark lifted their price objective on shares of Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $753.57.

Spotify Technology Trading Up 1.1%

Shares of SPOT stock opened at $535.65 on Tuesday. The stock has a market cap of $110.29 billion, a P/E ratio of 84.22, a price-to-earnings-growth ratio of 0.95 and a beta of 1.66. Spotify Technology has a 1 year low of $460.33 and a 1 year high of $785.00. The stock has a 50 day simple moving average of $589.01 and a 200 day simple moving average of $656.04.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $1.45 EPS. Analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the stock. KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology in the 3rd quarter worth about $26,000. Knuff & Co LLC acquired a new stake in Spotify Technology during the second quarter worth approximately $27,000. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology in the third quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. increased its holdings in 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 in the last quarter. Finally, Total Investment Management Inc. acquired a new position in Spotify Technology in the second quarter valued at approximately $29,000. Institutional investors own 84.09% of the company’s stock.

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.