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

Spotify Technology (NYSE:SPOT) had its price target increased by KeyCorp from $420.00 to $440.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently commented on the company. DZ Bank raised Spotify Technology from a hold rating to a buy rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Redburn Atlantic reiterated a sell rating and set a $230.00 price objective on shares of Spotify Technology in a research report on Wednesday, July 10th. Evercore ISI boosted their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the company an outperform rating in a research report on Thursday, August 29th. Wolfe Research began coverage on shares of Spotify Technology in a research report on Friday, July 12th. They set an outperform rating and a $390.00 price target on the stock. Finally, UBS Group lifted their price objective on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a buy rating in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $357.41.

Spotify Technology Stock Up 0.2 %

SPOT opened at $338.56 on Monday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock’s fifty day simple moving average is $327.66 and its 200 day simple moving average is $305.26. Spotify Technology has a 1-year low of $145.76 and a 1-year high of $359.38. The stock has a market cap of $67.39 billion, a PE ratio of -505.31 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company’s revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.69) earnings per share. As a group, research analysts expect that Spotify Technology will post 6.31 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Evoke Wealth LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at $2,271,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Spotify Technology by 30.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares during the period. Franklin Resources Inc. increased its holdings in Spotify Technology by 1,500.5% in the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after purchasing an additional 65,768 shares during the period. TD Asset Management Inc raised its position in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after purchasing an additional 12,192 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in Spotify Technology by 327.4% during 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. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.