Spotify Technology (NYSE:SPOT) Given New $555.00 Price Target at KeyCorp

Spotify Technology (NYSE:SPOT) had its target price upped by KeyCorp from $520.00 to $555.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Bank of America lifted their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group raised their price target on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday. Benchmark upped their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Macquarie raised their target price on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $433.36.

Spotify Technology Stock Down 4.2 %

NYSE SPOT opened at $459.82 on Friday. Spotify Technology has a fifty-two week low of $191.88 and a fifty-two week high of $506.47. The business has a fifty day moving average of $460.14 and a 200-day moving average of $383.82. The stock has a market cap of $91.53 billion, a price-to-earnings ratio of 124.95 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 6.02 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. WCM Investment Management LLC boosted its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares in the last quarter. State Street Corp boosted its stake in shares of Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the last quarter. FMR LLC grew its position in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock worth $361,159,000 after buying an additional 156,300 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other 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.