KeyCorp Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT - Free Report) had its price target cut by KeyCorp from $675.00 to $625.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also commented on SPOT. Morgan Stanley raised their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reissued a "neutral" rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Wolfe Research restated a "peer perform" rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, Guggenheim reiterated a "buy" rating and issued a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $555.30.

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Spotify Technology Trading Up 0.2 %

SPOT stock traded up $1.34 during trading on Wednesday, hitting $545.00. The company had a trading volume of 1,047,247 shares, compared to its average volume of 2,177,279. The business has a 50 day moving average of $581.80 and a 200 day moving average of $493.82. The firm has a market capitalization of $111.57 billion, a price-to-earnings ratio of 91.60 and a beta of 1.75. Spotify Technology has a fifty-two week low of $267.76 and a fifty-two week high of $652.63.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC bought a new position in shares of Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. FMR LLC raised its position in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after purchasing an additional 473,569 shares during the period. Schroder Investment Management Group lifted its stake in shares of Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after buying an additional 7,075 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth $800,725,000. Finally, Geode Capital Management LLC raised its holdings in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after acquiring an additional 1,259,183 shares during the period. 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.