Spotify Technology (NYSE:SPOT) Price Target Raised to $555.00 at KeyCorp

Spotify Technology (NYSE:SPOT) had its target price lifted by equities researchers at KeyCorp from $520.00 to $555.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 15.90% from the company’s previous close.

Several other research firms also recently weighed in on SPOT. Pivotal Research upped their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. The Goldman Sachs Group increased their price objective on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research note on Wednesday. Rosenblatt Securities raised their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $433.36.

Spotify Technology Price Performance

SPOT opened at $478.87 on Friday. The business’s 50-day moving average is $458.63 and its two-hundred day moving average is $382.82. Spotify Technology has a 1 year low of $191.88 and a 1 year high of $506.47. The firm has a market capitalization of $95.32 billion, a PE ratio of 130.13 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 6.02 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Aigen Investment Management LP boosted its holdings in shares of Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares during the period. Pathway Capital Management LP boosted its stake in Spotify Technology by 23.8% during 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 during the period. Perpetual Ltd grew its position in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Covenant Asset Management LLC acquired a new position in Spotify Technology in the third quarter valued at $3,364,000. Finally, Jag Capital Management LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at about $13,569,000. Hedge funds and other institutional investors 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.