Spotify Technology (NYSE:SPOT) Given New $440.00 Price Target at KeyCorp

Spotify Technology (NYSE:SPOT) had its price target raised by KeyCorp from $420.00 to $440.00 in a report released on Monday, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other equities analysts have also commented on the company. The Goldman Sachs Group raised Spotify Technology from a neutral rating to a buy rating and boosted their price objective for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. UBS Group boosted their price objective on Spotify Technology from $375.00 to $400.00 and gave the stock a buy rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $375.00 to $425.00 and gave the stock an overweight rating in a research note on Wednesday, July 24th. Jefferies Financial Group restated a buy rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Finally, Morgan Stanley boosted their target price on Spotify Technology from $370.00 to $400.00 and gave the stock an overweight rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $359.14.

Spotify Technology Price Performance

Shares of SPOT stock opened at $360.01 on Monday. The stock’s fifty day simple moving average is $330.23 and its 200 day simple moving average is $306.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market cap of $71.66 billion, a price-to-earnings ratio of -537.32 and a beta of 1.57. Spotify Technology has a one year low of $145.76 and a one year high of $368.29.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.69) EPS. On average, analysts expect that Spotify Technology will post 6.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Larson Financial Group LLC boosted its position in shares of 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 acquired a new position in Spotify Technology during the second quarter valued at approximately $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 during the last quarter. Mather Group LLC. boosted its position in Spotify Technology by 9,900.0% during 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 boosted its position in Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.