Spotify Technology (NYSE:SPOT) PT Raised to $440.00

Spotify Technology (NYSE:SPOT) had its target price boosted by investment analysts at KeyCorp from $420.00 to $440.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 28.62% from the company’s current price.

A number of other research analysts have also commented on the stock. Macquarie lifted their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. 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. Evercore ISI increased their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Pivotal Research boosted their target price on Spotify Technology from $400.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Cantor Fitzgerald assumed coverage on Spotify Technology in a report on Thursday, September 5th. They set a “neutral” rating and a $340.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $357.41.

Spotify Technology Price Performance

Shares of SPOT opened at $342.10 on Monday. The firm has a market capitalization of $65.07 billion, a price-to-earnings ratio of -510.60 and a beta of 1.57. The firm’s fifty day simple moving average is $328.27 and its 200-day simple moving average is $305.81. Spotify Technology has a twelve month low of $145.76 and a twelve month high of $359.38. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter last year, the company earned ($1.69) EPS. The business’s quarterly revenue was up 19.8% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 6.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently made changes to their positions in SPOT. Larson Financial Group LLC increased its position in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the second quarter worth about $25,000. Benjamin Edwards Inc. raised its position in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Mather Group LLC. raised its position in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC lifted its stake in shares of Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

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.