KeyCorp Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its price objective boosted by analysts at KeyCorp from $490.00 to $520.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price would suggest a potential upside of 8.88% from the company’s current price.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays raised their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday. Guggenheim upped their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday. Finally, Pivotal Research upped their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Performance

SPOT stock opened at $477.59 on Wednesday. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $489.69. The business has a 50-day moving average price of $372.46 and a 200 day moving average price of $335.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company has a market capitalization of $95.06 billion, a P/E ratio of 129.78 and a beta of 1.56.

Institutional Trading of Spotify Technology

A number of large investors have recently modified their holdings of SPOT. Transcendent Capital Group LLC purchased a new position in Spotify Technology during the 2nd quarter worth $25,000. Benjamin Edwards Inc. grew its holdings in Spotify Technology by 214.8% during 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 in the last quarter. Larson Financial Group LLC raised its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares in the last quarter. Mather Group LLC. grew its stake 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 buying an additional 99 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in Spotify Technology in the third quarter worth about $40,000. 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.