Spotify Technology (NYSE:SPOT) Price Target Raised to $440.00 at KeyCorp

Spotify Technology (NYSE:SPOT) had its price target lifted by KeyCorp from $420.00 to $440.00 in a research note released on Monday, Benzinga reports. They currently have an overweight rating on the stock.

SPOT has been the subject of several other reports. Benchmark restated a buy rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Guggenheim upped their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a buy rating in a research note on Wednesday, July 24th. UBS Group increased their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a buy rating in a report on Thursday, July 11th. Cantor Fitzgerald began coverage on shares of Spotify Technology in a report on Thursday, September 5th. They issued a neutral rating and a $340.00 price target for the company. Finally, Barclays raised their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an overweight rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $357.41.

Spotify Technology Trading Up 0.5 %

Shares of NYSE SPOT opened at $343.95 on Monday. Spotify Technology has a fifty-two week low of $145.76 and a fifty-two week high of $359.38. The firm has a market capitalization of $65.42 billion, a P/E ratio of -513.36 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company’s 50 day simple moving average is $329.05 and its 200 day simple moving average is $306.08.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the company earned ($1.69) EPS. The firm’s revenue was up 19.8% on a year-over-year basis. On average, analysts predict that Spotify Technology will post 6.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Private Advisor Group LLC increased its stake in shares of Spotify Technology by 5.7% during the 4th quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock worth $263,000 after purchasing an additional 75 shares during the last quarter. Principal Securities Inc. acquired a new position in Spotify Technology during the fourth quarter worth approximately $71,000. Dimensional Fund Advisors LP increased its position in Spotify Technology by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock worth $49,142,000 after buying an additional 4,352 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in Spotify Technology by 43.0% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 3,672 shares of the company’s stock valued at $690,000 after buying an additional 1,104 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Spotify Technology by 212.6% in the fourth quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock valued at $10,177,000 after buying an additional 36,835 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.