KeyCorp Raises Spotify Technology (NYSE:SPOT) Price Target to $490.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by KeyCorp from $440.00 to $490.00 in a report issued on Wednesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on SPOT. Redburn Atlantic restated a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a research report on Wednesday, July 10th. Benchmark restated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a report on Monday, July 22nd. Rosenblatt Securities increased their price target on shares of Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and set a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Finally, Barclays lifted their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One equities 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $362.21.

Spotify Technology Stock Performance

NYSE:SPOT opened at $378.81 on Wednesday. The stock has a 50-day moving average price of $352.57 and a 200 day moving average price of $322.71. The stock has a market capitalization of $75.40 billion, a P/E ratio of 154.62 and a beta of 1.58. Spotify Technology has a 12-month low of $145.76 and a 12-month high of $389.23. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter last year, the business posted ($1.69) earnings per share. Equities research analysts forecast that Spotify Technology will post 6.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SPOT. Larson Financial Group LLC lifted its holdings in Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the period. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth $25,000. Benjamin Edwards Inc. boosted its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. grew its stake in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during 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.

About Spotify Technology

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.