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

Spotify Technology (NYSE:SPOT) had its target price increased by KeyCorp from $520.00 to $555.00 in a research note published on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the company. Macquarie lifted their target price on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Barclays raised their target price on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Bank of America upped their price target 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. Finally, Rosenblatt Securities lifted their price objective 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued 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 $433.36.

Spotify Technology Trading Down 4.2 %

Shares of NYSE SPOT opened at $459.82 on Friday. The business has a 50 day simple moving average of $460.14 and a 200-day simple moving average of $383.82. Spotify Technology has a twelve month low of $191.88 and a twelve month high of $506.47. The company has a market capitalization of $91.53 billion, a price-to-earnings ratio of 124.95 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 6.02 earnings per share for the current year.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology in the third quarter valued at $26,000. Benjamin Edwards Inc. raised its position in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at $33,000. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $39,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.