Spotify Technology (NYSE:SPOT) Price Target Raised to $440.00 at KeyCorp

Spotify Technology (NYSE:SPOT) had its price target lifted by research analysts at KeyCorp from $420.00 to $440.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 30.22% from the company’s previous close.

Other equities analysts have also issued reports about the company. Macquarie boosted their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group restated a “buy” rating and issued a $385.00 price target (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Rosenblatt Securities upped their price objective 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. Benchmark reaffirmed a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, JPMorgan Chase & Co. increased their price target on Spotify Technology from $375.00 to $425.00 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, six have assigned a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $357.41.

Spotify Technology Stock Performance

NYSE:SPOT opened at $337.90 on Monday. The stock’s 50-day moving average is $327.16 and its 200-day moving average is $304.68. Spotify Technology has a 1-year low of $145.76 and a 1-year high of $359.38. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $67.26 billion, a P/E ratio of -504.32 and a beta of 1.57.

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

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently made changes to their positions in SPOT. Larson Financial Group LLC grew its position in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in Spotify Technology during the 2nd quarter valued at about $25,000. Benjamin Edwards Inc. increased its position in shares of 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 buying an additional 58 shares during the period. Mather Group LLC. lifted its holdings in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares in the last quarter. Finally, FinTrust Capital Advisors LLC boosted its position in shares of Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Hedge funds and other 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.