Spotify Technology (NYSE:SPOT) Price Target Raised to $440.00

Spotify Technology (NYSE:SPOT) had its price target upped by KeyCorp from $420.00 to $440.00 in a research note released on Monday morning, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other research analysts also recently weighed in on the company. Redburn Atlantic reissued a sell rating and issued a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. Morgan Stanley lifted their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. Barclays upped their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. Pivotal Research lifted their target price on shares of Spotify Technology from $400.00 to $460.00 and gave the stock a buy rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group reissued a buy rating and set a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and a consensus price target of $357.41.

Spotify Technology Stock Performance

SPOT stock opened at $343.95 on Monday. The firm has a 50 day moving average of $329.05 and a two-hundred day moving average of $306.08. Spotify Technology has a 12 month low of $145.76 and a 12 month high of $359.38. The company has a market capitalization of $65.42 billion, a price-to-earnings ratio of -513.36 and a beta of 1.57. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC raised its position in Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $25,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. raised its position in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC lifted its holdings in Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. 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.