Spotify Technology (NYSE:SPOT) PT Raised to $490.00 at KeyCorp

Spotify Technology (NYSE:SPOT) had its target price raised by KeyCorp from $440.00 to $490.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price target suggests a potential upside of 33.61% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Macquarie upped their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Morgan Stanley upped their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and issued a $385.00 price target (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Finally, Barclays upped their price target 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Trading Down 1.3 %

Shares of SPOT opened at $366.75 on Wednesday. Spotify Technology has a twelve month low of $145.76 and a twelve month high of $389.23. The company has a market cap of $73.00 billion, a P/E ratio of 149.69 and a beta of 1.58. 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 company’s fifty day simple moving average is $351.79 and its 200-day simple moving average is $321.93.

Spotify Technology (NYSE:SPOT) last announced its earnings results 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. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the firm posted ($1.69) earnings per share. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. As a group, analysts expect that Spotify Technology will post 6.24 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its position in Spotify Technology by 30.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after buying an additional 18,731 shares during the last quarter. Perpetual Ltd grew its stake in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares during the period. TD Asset Management Inc grew its stake in Spotify Technology by 2.4% in the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after acquiring an additional 12,192 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Spotify Technology by 121.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after acquiring an additional 4,060 shares during the period. Finally, Ritholtz Wealth Management boosted its stake in Spotify Technology by 64.7% during the 3rd quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock worth $1,657,000 after purchasing an additional 1,765 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Company Profile

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.