Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, KeyCorp Analyst Says

Spotify Technology (NYSE:SPOT) had its price target upped by equities research analysts at KeyCorp from $490.00 to $520.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective points to a potential upside of 13.99% from the stock’s previous close.

A number of other brokerages have also issued reports on SPOT. Morgan Stanley lifted their target price on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. Wells Fargo & Company boosted their price target on Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Benchmark boosted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $396.17.

Spotify Technology Stock Up 8.8 %

Shares of NYSE:SPOT traded up $36.81 during trading on Wednesday, hitting $456.20. 5,543,713 shares of the company’s stock traded hands, compared to its average volume of 1,887,435. The company has a 50-day moving average price of $369.70 and a 200-day moving average price of $334.73. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $462.39. The company has a market cap of $90.81 billion, a price-to-earnings ratio of 124.32 and a beta of 1.56. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Institutional Trading of Spotify Technology

Institutional investors have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new stake in Spotify Technology in the 2nd quarter valued at $25,000. Benjamin Edwards Inc. boosted its stake in Spotify Technology by 214.8% in the 2nd 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 period. Mather Group LLC. boosted its stake in Spotify Technology by 9,900.0% in the 2nd 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 period. Asset Dedication LLC bought a new stake in Spotify Technology in the 2nd quarter valued at $35,000. Finally, Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. 84.09% of the stock is currently owned by institutional investors.

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.