Wells Fargo Upgrades Spotify Technology

By 247patrick Updated Feb 8, 1:19PM EST · Published Feb 8, 3:15AM EST

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Wells Fargo Upgrades Spotify Technology — © Spencer Platt / Getty Images

On February 6, 2023, Wells Fargo upgraded their outlook for Spotify Technology from Equal-Weight to Overweight.

Analyst Price Forecast Suggests 6.33% Downside

As of February 7, 2023, the average one-year price target for Spotify Technology is $115.14. The forecasts range from a low of $78.78 to a high of $183.75. The average price target represents a decrease of 6.33% from its latest reported closing price of $122.92. The projected annual revenue for Spotify Technology is $13,855MM, an increase of 18.15%. The projected annual EPS is $-1.88.

What are large shareholders doing?

Baillie Gifford & holds 27,937,554 shares representing 14.45% ownership of the company. In its prior filing, the firm reported owning 27,964,517 shares, representing a decrease of 0.10%. The firm decreased its portfolio allocation in SPOT by 7.62% over the last quarter.

Price T Rowe Associates holds 11,928,622 shares representing 6.17% ownership of the company. In its prior filing, the firm reported owning 15,762,460 shares, representing
a decrease of 32.14%. The firm decreased its portfolio allocation in SPOT by 59.77% over the last quarter.

VWIGX – Vanguard International Growth Fund Investor Shares holds 9,425,378 shares representing 4.88% ownership of the company. No change in the last quarter.

Alecta Pensionsforsakring, Omsesidigt holds 3,925,600 shares representing 2.03% ownership of the company. In its prior filing, the firm reported owning 3,035,600 shares, representing an increase of 22.67%. The firm increased its portfolio allocation in SPOT by 14.62% over the last quarter.

Technology Crossover Management VIII holds 3,618,272 shares representing 1.87% ownership of the company. No change in the last quarter.

Fund Sentiment

There are 859 funds or institutions reporting positions in Spotify Technology. This is an increase of 10 owner(s) or 1.18%.

Average portfolio weight of all funds dedicated to US:SPOT is 0.4011%, a decrease of 6.8873%. Total shares owned by institutions decreased in the last three months by 1.54% to 117,735K shares.

Spotify Technology Background Information
(This description is provided by the company.)

Spotify is the world’s most popular audio streaming subscription service with a community of 345 million Monthly Active Users and 155 million Premium Subscribers. With a presence in 93 markets, and more than 70 million tracks including over 2 million podcast titles, it has transformed the way people access and enjoy music and podcasts.

This article originally appeared on Fintel