Wells Fargo & Company Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price lowered by equities research analysts at Wells Fargo & Company from $750.00 to $710.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 34.44% from the company’s current price.

Several other research analysts have also recently weighed in on SPOT. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. BNP Paribas Exane assumed coverage on shares of Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective on the stock. UBS Group cut their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $753.57.

Spotify Technology Price Performance

SPOT traded down $1.88 during trading on Tuesday, reaching $528.12. The company had a trading volume of 510,212 shares, compared to its average volume of 2,046,832. The company has a market cap of $108.74 billion, a P/E ratio of 83.08, a PEG ratio of 0.97 and a beta of 1.66. Spotify Technology has a 12 month low of $460.33 and a 12 month high of $785.00. The business’s fifty day moving average price is $590.89 and its 200 day moving average price is $657.71.

Spotify Technology (NYSE:SPOT) last issued 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 business had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the business posted $1.45 earnings per share. As a group, sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SPOT. Knuff & Co LLC acquired a new stake in Spotify Technology in the 2nd quarter valued at about $27,000. Total Investment Management Inc. bought a new stake in Spotify Technology in the second quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. lifted its position in shares of Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Finally, KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology

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.