Spotify Technology (NYSE:SPOT) Given New $440.00 Price Target at KeyCorp

Spotify Technology (NYSE:SPOT) had its price objective raised by KeyCorp from $420.00 to $440.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

SPOT has been the subject of several other reports. Rosenblatt Securities upped their target price on Spotify Technology from $396.00 to $399.00 and gave the company a buy rating in a report on Wednesday, July 24th. The Goldman Sachs Group raised Spotify Technology from a neutral rating to a buy rating and upped their target price for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. Jefferies Financial Group reaffirmed a buy rating and set a $385.00 target price (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Guggenheim increased their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a buy rating in a research note on Wednesday, July 24th. Finally, Wolfe Research began coverage on Spotify Technology in a research note on Friday, July 12th. They issued an outperform rating and a $390.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $359.14.

Spotify Technology Trading Up 4.7 %

Shares of Spotify Technology stock opened at $360.01 on Monday. 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 firm has a market cap of $71.66 billion, a price-to-earnings ratio of -537.32 and a beta of 1.57. The business has a fifty day simple moving average of $330.23 and a 200-day simple moving average of $306.45. Spotify Technology has a fifty-two week low of $145.76 and a fifty-two week high of $368.29.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating 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 business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the prior year, the business posted ($1.69) earnings per share. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. On average, equities analysts forecast that Spotify Technology will post 6.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Evoke Wealth LLC bought a new position in Spotify Technology in the 4th quarter worth approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. increased its position in Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after buying an additional 18,731 shares during the period. Franklin Resources Inc. increased its position in Spotify Technology by 1,500.5% in the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock worth $13,182,000 after buying an additional 65,768 shares during the period. TD Asset Management Inc increased its position in Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after buying an additional 12,192 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after buying an additional 299,700 shares during the period. 84.09% of the stock is 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.