Spotify Technology (NYSE:SPOT) Price Target Raised to $520.00 at KeyCorp

Spotify Technology (NYSE:SPOT) had its target price hoisted by KeyCorp from $490.00 to $520.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently issued reports on the company. Pivotal Research boosted their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday. Morgan Stanley increased their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday. TD Cowen lifted their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Rosenblatt Securities increased their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Evercore ISI boosted their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Down 4.0 %

NYSE:SPOT opened at $458.32 on Wednesday. The company has a market cap of $91.23 billion, a P/E ratio of 124.54 and a beta of 1.56. The firm’s 50 day moving average is $378.15 and its two-hundred day moving average is $338.24. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 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 for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the company earned $0.36 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 6.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently modified their holdings of SPOT. First Horizon Advisors Inc. boosted its stake in Spotify Technology by 5.8% during the 3rd 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 period. West Bancorporation Inc. boosted its position in shares of Spotify Technology by 3.4% during the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after buying an additional 27 shares during the period. Avior Wealth Management LLC grew its holdings in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after buying an additional 30 shares in the last quarter. Washington Trust Advisors Inc. increased its position in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after acquiring an additional 32 shares during the period. Finally, Rakuten Securities Inc. raised its stake in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares in the last quarter. 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.