KeyCorp Increases Spotify Technology (NYSE:SPOT) Price Target to $520.00

Spotify Technology (NYSE:SPOT) had its price target hoisted by equities researchers at KeyCorp from $490.00 to $520.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 8.88% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Morgan Stanley upped their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday. Pivotal Research lifted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday. Wells Fargo & Company raised their price target on Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Macquarie raised their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Phillip Securities reiterated an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Price Performance

Spotify Technology stock opened at $477.59 on Wednesday. The firm has a market cap of $95.06 billion, a P/E ratio of 129.78 and a beta of 1.56. Spotify Technology has a one year low of $170.62 and a one year high of $489.69. The stock’s 50 day moving average is $372.46 and its 200 day moving average is $335.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GQG Partners LLC acquired a new stake in Spotify Technology during the 1st quarter valued at $610,040,000. Swedbank AB bought a new stake in Spotify Technology in the first quarter worth approximately $198,663,000. WCM Investment Management LLC grew its holdings in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after buying an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after acquiring an additional 333,782 shares during 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.