Spotify Technology (NYSE:SPOT) Given New $490.00 Price Target at KeyCorp

Spotify Technology (NYSE:SPOT) had its price target raised by research analysts at KeyCorp from $440.00 to $490.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price target indicates a potential upside of 31.54% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Guggenheim increased their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Rosenblatt Securities increased their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley raised their target price on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Evercore ISI raised their target price on shares of 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 issued a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $360.86.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $372.50 on Wednesday. The firm’s 50-day moving average price is $350.25 and its 200-day moving average price is $321.27. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $74.15 billion, a PE ratio of 152.04 and a beta of 1.58. Spotify Technology has a 52-week low of $145.76 and a 52-week high of $389.23.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the prior year, the business earned ($1.69) EPS. The business’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, analysts anticipate that Spotify Technology will post 6.24 EPS for the current year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC raised its holdings in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Transcendent Capital Group LLC bought a new position in Spotify Technology in the second quarter worth about $25,000. Benjamin Edwards Inc. raised its holdings in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. raised its holdings in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, FinTrust Capital Advisors LLC raised its holdings in Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in 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.