Wells Fargo Raises Spotify Technology (SPOT) Price Target to $660

Wells Fargo reiterated its Overweight rating on Spotify Technology S.A. (NYSE: SPOT) on October 23, 2026, while raising its price target on the audio streaming provider from $570.00 to $660.00. The research note was issued on the same day the stock closed at $574.19.

SPOT Spotify Technology S.A.

$583.66 ▲ +1.51% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Wells Fargo's Call on Spotify Technology S.A.

In its October 23, 2026 research note, Wells Fargo maintained its Overweight rating on Spotify Technology S.A. and increased its price target by $90.00 up to $660.00.

Other Institutional Activity in Spotify Technology S.A.

Baillie Gifford & Co reduced its holdings by 290,115 shares, ending with 7,928,451 shares worth about $4.55 billion. Wcm Investment Management, LLC grew its holdings by 425,311 shares, ending with 2,840,477 shares worth about $1.63 billion. Jennison Associates LLC grew its holdings by 30,568 shares, ending with 2,809,432 shares worth about $1.61 billion. Fisher Asset Management, LLC grew its holdings by 85,946 shares, ending with 2,674,677 shares worth about $1.54 billion. Dz Bank Ag Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main grew its holdings by 898,599 shares, ending with 2,463,556 shares worth about $1.41 billion.

Spotify Technology S.A. Stock Up 11.3%

Spotify Technology S.A. recently traded around $575.12 as of October 23, 2026, putting it about equal to its event-day close of $574.19. The stock trades above its 50-day moving average of $524.29 and above its 200-day moving average of $496.54. The recent price sits below its 52-week high of $683.96 and well above its 52-week low of $405.00.

Recent Earnings

Spotify Technology S.A. reported trailing twelve-month revenue of $18,112,994,424.00 and basic earnings per share of $17.40. The company posted a net profit margin of 18.4% and a return on equity of 44.5%, with a year-over-year revenue growth rate of 13.9%. Investors will look toward the company's next earnings release on February 9, 2027, for further insight into subscriber trends.

Insider Buying and Selling at Spotify Technology S.A.

Company insiders completed several share transactions ahead of the analyst update. Chief Executive Officer Alex Norstrom sold 5,436 shares on August 3, 2026, with a total value of $2,729,435.00. Officer Dustee Jenkins sold 3,810 shares on August 14, 2026, valued at $1,954,343.00. Chief Executive Officer Gustav Stig Victor Soderstrom sold 20,913 shares on September 14, 2026, worth $11,380,738.00, and later sold 20,910 shares on October 12, 2026, worth $11,085,113.00.

Analysts Set New Price Targets

Other Wall Street firms also updated their outlooks on the same day, including Barclays maintaining an Overweight rating with a target raised from $565.00 to $650.00 on October 23, 2026. TD Cowen reiterated a Hold rating and a $525.00 price target on October 23, 2026. Citizens reiterated a Market Outperform rating and a $625.00 price target on October 23, 2026. Guggenheim maintained a Buy rating with a target raised from $575.00 to $650.00 on October 23, 2026. Overall, the company carries a consensus recommendation of buy with a mean price target of $628.00 across 37 analyst opinions.

About Spotify Technology S.A.

Spotify Technology S.A. provides audio streaming subscription services around the world. Operating through Premium and Ad-Supported segments, the firm offers online and offline access to a vast catalog of music, podcasts, audiobooks, and select video content via direct subscriptions and partner offerings.

Bottom Line

Wells Fargo's updated outlook highlights steady institutional confidence in the streaming platform's growth trajectory. Market participants will monitor upcoming quarterly figures scheduled for February 2027 to gauge ongoing financial performance.