Spotify Technology (NYSE:SPOT) Given New $860.00 Price Target at KeyCorp

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective increased by KeyCorp from $640.00 to $860.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. KeyCorp's target price would indicate a potential upside of 21.24% from the company's previous close.

A number of other analysts have also recently issued reports on SPOT. DZ Bank lowered Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. Macquarie boosted their price target on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Finally, Guggenheim increased their price objective on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $689.10.

Spotify Technology Price Performance

SPOT opened at $709.35 on Friday. The company has a fifty day moving average price of $688.46 and a 200-day moving average price of $599.23. Spotify Technology has a one year low of $288.07 and a one year high of $785.00. The firm has a market capitalization of $145.21 billion, a P/E ratio of 117.64, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several institutional investors have recently modified their holdings of SPOT. Thrivent Financial for Lutherans grew its holdings in shares of Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after purchasing an additional 6,782 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Spotify Technology by 18.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock valued at $10,110,000 after purchasing an additional 3,536 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Spotify Technology by 36.3% during the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after purchasing an additional 189 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after purchasing an additional 1,179 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after acquiring an additional 360 shares during the period. Hedge funds and other institutional investors 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.

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