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

Spotify Technology (NYSE:SPOT) had its price objective lifted by equities research analysts at KeyCorp from $520.00 to $555.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 20.70% from the stock’s previous close.

Several other research firms have also recently weighed in on SPOT. Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler raised their price objective 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. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Benchmark lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $433.36.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $459.82 on Friday. The firm has a 50 day moving average price of $460.14 and a 200 day moving average price of $384.26. The stock has a market cap of $91.53 billion, a P/E ratio of 124.95 and a beta of 1.62. Spotify Technology has a 52-week low of $191.88 and a 52-week high of $506.47.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results 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 firm had revenue of $3.99 billion during 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 quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. Analysts predict that Spotify Technology will post 6.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $26,000. Benjamin Edwards Inc. raised its holdings in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology during the third quarter worth approximately $33,000. Larson Financial Group LLC boosted its holdings in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Spotify Technology in the second quarter valued at approximately $39,000. 84.09% of the stock is owned by institutional investors.

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.