KeyCorp Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its price objective increased by KeyCorp from $555.00 to $600.00 in a research note published on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other analysts have also recently issued reports on the company. Rosenblatt Securities boosted their price objective on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Barclays boosted 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. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, TD Cowen increased their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $451.39.

Spotify Technology Price Performance

NYSE:SPOT opened at $549.02 on Friday. Spotify Technology has a one year low of $213.31 and a one year high of $560.36. The company has a fifty day moving average price of $480.71 and a 200 day moving average price of $404.48. The stock has a market cap of $109.28 billion, a P/E ratio of 149.19 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the firm posted $0.36 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology will post 5.91 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. WCM Investment Management LLC increased its stake in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after buying an additional 102,786 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. State Street Corp boosted its holdings in Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Finally, FMR LLC lifted its position in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares in the last quarter. 84.09% of the stock is currently 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.