Spotify Technology (NYSE:SPOT) Given New $520.00 Price Target at KeyCorp

by · The Cerbat Gem

Spotify Technology (NYSE:SPOT – Free Report) had its price objective upped by KeyCorp from $490.00 to $520.00 in a research note published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

SPOT has been the subject of several other research reports. Macquarie raised their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Benchmark raised their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, Wells Fargo & Company upped their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

View Our Latest Research Report on SPOT

Spotify Technology Price Performance

Spotify Technology stock opened at $458.49 on Wednesday. The firm has a market capitalization of $91.26 billion, a P/E ratio of 124.59 and a beta of 1.56. Spotify Technology has a one year low of $170.62 and a one year high of $489.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The business has a fifty day moving average price of $378.15 and a 200-day moving average price of $337.83.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of SPOT. First Horizon Advisors Inc. lifted its position in Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. increased its stake in shares of Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after buying an additional 27 shares during the period. Avior Wealth Management LLC raised its holdings in Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares during the last quarter. Washington Trust Advisors Inc. boosted its position in Spotify Technology by 12.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after buying an additional 32 shares during the period. Finally, Rakuten Securities Inc. grew its holdings in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Company Profile

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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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