Spotify Technology (NYSE:SPOT) Price Target Raised to $490.00

Spotify Technology (NYSE:SPOT) had its price target lifted by KeyCorp from $440.00 to $490.00 in a research note published on Wednesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other equities analysts have also weighed in on SPOT. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Guggenheim raised their target price on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. TD Cowen increased their price target on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. Finally, Macquarie raised their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Stock Up 3.3 %

Spotify Technology stock opened at $378.88 on Wednesday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $75.42 billion, a PE ratio of 154.64 and a beta of 1.58. The firm’s fifty day moving average is $352.57 and its 200 day moving average is $323.08. Spotify Technology has a 12-month low of $145.76 and a 12-month high of $389.23.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business’s revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.69) EPS. As a group, sell-side analysts predict that Spotify Technology will post 6.24 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC boosted its stake in Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares during the period. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology in the second quarter valued at approximately $25,000. Benjamin Edwards Inc. grew its stake 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 acquiring an additional 58 shares in the last quarter. Mather Group LLC. increased its holdings in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the period. Finally, FinTrust Capital Advisors LLC lifted its stake in Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.