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

Spotify Technology (NYSE:SPOT) had its price target raised by KeyCorp from $440.00 to $490.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also issued reports on SPOT. Benchmark restated a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Macquarie lifted their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Guggenheim increased their target price on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Bank of America increased their price objective on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Stock Performance

NYSE:SPOT opened at $378.88 on Wednesday. The stock has a 50 day simple moving average of $352.57 and a 200 day simple moving average of $323.08. The stock has a market cap of $75.42 billion, a P/E ratio of 154.64 and a beta of 1.58. Spotify Technology has a 1-year low of $145.76 and a 1-year 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 announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the business posted ($1.69) earnings per share. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. Research analysts anticipate that Spotify Technology will post 6.24 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in Spotify Technology in the fourth quarter valued at approximately $221,000. Vanguard Group Inc. boosted its stake in shares of Spotify Technology by 6.3% in the 4th quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock valued at $110,650,000 after purchasing an additional 34,781 shares during the last quarter. GAMMA Investing LLC raised its stake in Spotify Technology by 96.5% during the first quarter. GAMMA Investing LLC now owns 334 shares of the company’s stock worth $88,000 after buying an additional 164 shares during the last quarter. Banque Cantonale Vaudoise lifted its holdings in Spotify Technology by 28.1% in the first quarter. Banque Cantonale Vaudoise now owns 4,043 shares of the company’s stock valued at $1,066,000 after buying an additional 886 shares during the period. Finally, Wedmont Private Capital bought a new stake in Spotify Technology during the first quarter valued at $197,000. 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.