Spotify Technology (NYSE:SPOT) Price Target Raised to $600.00

Spotify Technology (NYSE:SPOT) had its price objective increased by KeyCorp from $555.00 to $600.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on SPOT. Rosenblatt Securities lifted their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Barclays boosted their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler raised their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. TD Cowen upped their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price objective on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $451.39.

Spotify Technology Stock Down 0.2 %

Shares of SPOT opened at $549.02 on Friday. Spotify Technology has a 52-week low of $213.31 and a 52-week high of $560.36. The firm has a market capitalization of $109.28 billion, a PE ratio of 149.19 and a beta of 1.62. The firm has a 50-day moving average price of $480.71 and a 200 day moving average price of $404.48.

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

Institutional Trading of Spotify Technology

A number of institutional investors have recently added to or reduced their stakes in SPOT. The Manufacturers Life Insurance Company boosted its stake in shares of Spotify Technology by 5.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock worth $594,000 after acquiring an additional 94 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Spotify Technology by 33.1% in the 2nd quarter. Mackenzie Financial Corp now owns 3,056 shares of the company’s stock valued at $959,000 after acquiring an additional 760 shares in the last quarter. Algert Global LLC lifted its holdings in Spotify Technology by 46.8% in the 2nd quarter. Algert Global LLC now owns 1,494 shares of the company’s stock worth $469,000 after purchasing an additional 476 shares during the last quarter. Creative Planning boosted its position in Spotify Technology by 7.4% during the second quarter. Creative Planning now owns 6,233 shares of the company’s stock worth $1,956,000 after purchasing an additional 429 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Spotify Technology by 62.0% during the second quarter. NewEdge Advisors LLC now owns 5,664 shares of the company’s stock valued at $1,777,000 after purchasing an additional 2,167 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.