Spotify Technology (NYSE:SPOT) Price Target Cut to $720.00 by Analysts at KeyCorp

Spotify Technology (NYSE:SPOT) had its price objective decreased by stock analysts at KeyCorp from $830.00 to $720.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price objective would suggest a potential upside of 70.39% from the stock’s current price.

Several other research analysts have also weighed in on SPOT. Citizens Jmp initiated coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Guggenheim dropped their price target on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. UBS Group cut their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Friday, January 9th. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a research note on Friday, January 30th. Finally, Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $724.16.

Spotify Technology Stock Up 2.4%

Shares of Spotify Technology stock opened at $422.57 on Monday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The business’s fifty day moving average is $544.79 and its two-hundred day moving average is $627.98. The firm has a market cap of $87.00 billion, a PE ratio of 66.44, a P/E/G ratio of 0.81 and a beta of 1.66.

Institutional Trading of Spotify Technology

Several large investors have recently modified their holdings of SPOT. Sivia Capital Partners LLC purchased a new position in Spotify Technology in the second quarter valued at about $312,000. IFP Advisors Inc raised its position in shares of Spotify Technology by 33.5% in the 2nd quarter. IFP Advisors Inc now owns 538 shares of the company’s stock valued at $431,000 after purchasing an additional 135 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $296,000. Concurrent Investment Advisors LLC boosted its stake in shares of Spotify Technology by 319.9% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 5,627 shares of the company’s stock valued at $4,318,000 after buying an additional 4,287 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of Spotify Technology by 15.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,758 shares of the company’s stock worth $11,324,000 after buying an additional 2,002 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.