KeyCorp Boosts Spotify Technology (NYSE:SPOT) Price Target to $555.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by KeyCorp from $520.00 to $555.00 in a report published on Friday morning,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Other analysts also recently issued reports about the company. Rosenblatt Securities upped their price objective on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Barclays upped their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Morgan Stanley raised their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Benchmark boosted their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Bank of America raised their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $433.36.

Spotify Technology Stock Down 4.2 %

Spotify Technology stock opened at $459.82 on Friday. The firm has a market capitalization of $91.53 billion, a PE ratio of 124.95 and a beta of 1.62. Spotify Technology has a 52 week low of $191.88 and a 52 week high of $506.47. The firm’s 50-day simple moving average is $460.14 and its 200 day simple moving average is $384.72.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, research analysts expect that Spotify Technology will post 6.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter valued at $26,000. Benjamin Edwards Inc. grew its position in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC raised its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $40,000. 84.09% of the stock is 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.