KeyCorp Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective lifted by KeyCorp from $555.00 to $600.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price target would suggest a potential upside of 7.82% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley raised their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday. Wells Fargo & Company increased their target price on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Bank of America increased 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $451.39.

Spotify Technology Price Performance

NYSE:SPOT traded up $6.37 during trading hours on Friday, hitting $556.50. The stock had a trading volume of 498,307 shares, compared to its average volume of 1,704,923. The company has a 50 day simple moving average of $479.23 and a two-hundred day simple moving average of $402.03. The firm has a market capitalization of $110.77 billion, a price-to-earnings ratio of 151.56 and a beta of 1.62. Spotify Technology has a one year low of $213.31 and a one year high of $560.36.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. Equities research analysts anticipate that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several large investors have recently bought and sold shares of the company. Aigen Investment Management LP increased its stake in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $214,000. Pathway Capital Management LP boosted its position in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares in the last quarter. Perpetual Ltd grew its stake in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares during the last quarter. Finally, Covenant Asset Management LLC bought a new position in Spotify Technology during the 3rd quarter valued at approximately $3,364,000. 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.