Spotify Technology (NYSE:SPOT) Given New $555.00 Price Target at KeyCorp

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target boosted by equities researchers at KeyCorp from $520.00 to $555.00 in a report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. KeyCorp's price target would suggest a potential upside of 20.70% from the stock's current price.

Other research analysts have also issued reports about the company. Benchmark raised their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. TD Cowen raised their target price on Spotify Technology from $356.00 to $416.00 and gave the company a "hold" rating in a report on Wednesday, November 13th. Piper Sandler boosted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus price target of $433.36.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded down $19.91 during midday trading on Friday, reaching $459.82. 2,966,125 shares of the company's stock were exchanged, compared to its average volume of 1,735,368. The stock has a market cap of $91.53 billion, a price-to-earnings ratio of 124.95 and a beta of 1.62. Spotify Technology has a fifty-two week low of $191.88 and a fifty-two week high of $506.47. The firm's 50 day simple moving average is $460.14 and its two-hundred day simple moving average is $383.82.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the business earned $0.36 earnings per share. Spotify Technology's revenue was up 18.8% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 6.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently modified their holdings of the business. National Bank of Canada FI increased its position in Spotify Technology by 3.0% in the 2nd quarter. National Bank of Canada FI now owns 2,489 shares of the company's stock valued at $781,000 after acquiring an additional 73 shares during the period. Private Advisor Group LLC raised its stake in shares of Spotify Technology by 118.3% during the second quarter. Private Advisor Group LLC now owns 3,023 shares of the company's stock worth $949,000 after purchasing an additional 1,638 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Spotify Technology during the second quarter worth $39,000. Wedbush Securities Inc. purchased a new position in Spotify Technology in the 2nd quarter valued at $428,000. Finally, Daiwa Securities Group Inc. increased its stake in Spotify Technology by 80.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,290 shares of the company's stock valued at $405,000 after buying an additional 574 shares during the period. 84.09% of the stock is currently owned by hedge funds and other 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.