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

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

SPOT has been the topic of several other reports. Benchmark increased their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Bank of America increased their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Rosenblatt Securities upped their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays lifted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $433.36.

Spotify Technology Stock Performance

Spotify Technology stock opened at $478.87 on Friday. The company has a market capitalization of $95.32 billion, a price-to-earnings ratio of 130.13 and a beta of 1.62. Spotify Technology has a fifty-two week low of $191.88 and a fifty-two week high of $506.47. The stock has a fifty day moving average of $458.63 and a two-hundred day moving average of $382.82.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the company posted $0.36 earnings per share. On average, analysts forecast that Spotify Technology will post 6.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at $26,000. Benjamin Edwards Inc. raised its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter worth about $33,000. Larson Financial Group LLC boosted its position in Spotify Technology by 51.6% during the 3rd 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 purchased a new position in Spotify Technology during the 2nd quarter valued at about $39,000. Institutional investors and hedge funds 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.