KeyCorp Increases Spotify Technology (NYSE:SPOT) Price Target to $410.00

Spotify Technology (NYSE:SPOT) had its target price increased by investment analysts at KeyCorp from $400.00 to $410.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s target price suggests a potential upside of 36.32% from the company’s current price.

Other analysts also recently issued reports about the stock. HSBC raised their target price on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Benchmark raised their target price on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. UBS Group raised their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $396.00 price target on shares of Spotify Technology in a research note on Tuesday, June 4th. Finally, Citigroup raised their price target on shares of Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $320.65.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $300.77 on Wednesday. The company has a market capitalization of $57.21 billion, a P/E ratio of -448.90, a price-to-earnings-growth ratio of 0.83 and a beta of 1.59. The company’s 50 day moving average price is $308.35 and its two-hundred day moving average price is $267.85. Spotify Technology has a 52 week low of $129.23 and a 52 week high of $331.08.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period last year, the company posted ($1.24) EPS. Analysts forecast that Spotify Technology will post 4.96 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Clearbridge Investments LLC lifted its holdings in shares of Spotify Technology by 0.6% during the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after buying an additional 38 shares in the last quarter. Larson Financial Group LLC lifted its holdings 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 in the last quarter. Lindbrook Capital LLC lifted its holdings in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Spotify Technology by 4.4% during the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after buying an additional 51 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in shares of Spotify Technology by 3.5% during the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after buying an additional 56 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.