Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, KeyCorp Analyst Says

Spotify Technology (NYSE:SPOT) had its price target boosted by KeyCorp from $490.00 to $520.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 13.99% from the stock’s previous close.

SPOT has been the topic of a number of other reports. TD Cowen boosted their price objective on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target on the stock in a research report on Wednesday, July 24th. Benchmark upped their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday. Morgan Stanley upped their price target on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Barclays upped their price target on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $396.17.

Spotify Technology Stock Performance

Shares of SPOT traded up $36.81 on Wednesday, reaching $456.20. 5,543,713 shares of the stock traded hands, compared to its average volume of 1,887,435. The firm has a market cap of $90.81 billion, a price-to-earnings ratio of 124.32 and a beta of 1.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology has a 12 month low of $170.62 and a 12 month high of $462.39. The stock’s 50-day moving average price is $369.70 and its 200-day moving average price is $334.73.

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in SPOT. Oppenheimer & Co. Inc. acquired a new position in Spotify Technology in the first quarter valued at about $342,000. Avantax Advisory Services Inc. acquired a new position in Spotify Technology in the first quarter valued at about $218,000. Bleakley Financial Group LLC lifted its stake in Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after buying an additional 177 shares during the period. Entropy Technologies LP acquired a new position in Spotify Technology in the first quarter valued at about $1,127,000. Finally, Vanguard Group Inc. increased its holdings in shares of Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after acquiring an additional 23,675 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.