KeyCorp Raises Spotify Technology (NYSE:SPOT) Price Target to $410.00

Spotify Technology (NYSE:SPOT) had its price target lifted by KeyCorp from $400.00 to $410.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms also recently commented on SPOT. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Rosenblatt Securities reissued a buy rating and set a $396.00 target price on shares of Spotify Technology in a research report on Tuesday, June 4th. HSBC increased their target price on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a buy rating in a research report on Wednesday, April 24th. Raymond James increased their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a research report on Monday, April 15th. Finally, Benchmark raised their price target on Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $323.22.

Spotify Technology Stock Performance

SPOT opened at $302.10 on Wednesday. The stock has a fifty day moving average of $308.47 and a 200-day moving average of $268.63. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $331.08.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the prior year, the business posted ($1.24) earnings per share. On average, sell-side analysts anticipate that Spotify Technology will post 4.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its position in shares of Spotify Technology by 10.4% during the third quarter. American Century Companies Inc. now owns 693,481 shares of the company’s stock worth $107,240,000 after buying an additional 65,058 shares during the period. Wellington Management Group LLP increased its position in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the period. Citigroup Inc. increased its position in shares of Spotify Technology by 1,037.4% during the third quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock worth $59,721,000 after buying an additional 352,237 shares during the period. Wesbanco Bank Inc. acquired a new stake in shares of Spotify Technology during the third quarter worth $860,000. Finally, Vanguard Group Inc. increased its position in shares of Spotify Technology by 2.0% during the third quarter. Vanguard Group Inc. now owns 554,066 shares of the company’s stock worth $85,681,000 after buying an additional 10,703 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.