Spotify Technology (NYSE:SPOT) Price Target Raised to $600.00

Spotify Technology (NYSE:SPOT) had its price objective upped by analysts at KeyCorp from $555.00 to $600.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 7.82% from the stock’s current price.

A number of other research analysts also recently issued reports on SPOT. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Piper Sandler upped their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Canaccord Genuity Group raised their target price on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Finally, Pivotal Research increased their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $451.39.

Spotify Technology Stock Performance

Shares of SPOT traded up $6.37 during mid-day trading on Friday, reaching $556.50. 498,307 shares of the company were exchanged, compared to its average volume of 1,704,923. The business has a 50 day simple moving average of $479.23 and a two-hundred day simple moving average of $402.03. The stock has a market capitalization of $110.77 billion, a PE ratio of 151.56 and a beta of 1.62. Spotify Technology has a 52 week low of $213.31 and a 52 week high of $560.36.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the firm posted $0.36 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, analysts predict that Spotify Technology will post 5.91 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently modified their holdings of the stock. First Horizon Advisors Inc. lifted its holdings in Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. lifted its stake in shares of Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after buying an additional 27 shares in the last quarter. Joel Isaacson & Co. LLC boosted its holdings in Spotify Technology by 1.9% in the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock worth $697,000 after buying an additional 29 shares during the period. Avior Wealth Management LLC grew its stake in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares in the last quarter. Finally, Park National Corp OH lifted its position in shares of Spotify Technology by 4.1% during the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after acquiring an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.