Spotify Technology (NYSE:SPOT) Price Target Raised to $555.00

Spotify Technology (NYSE:SPOT) had its target price lifted by KeyCorp from $520.00 to $555.00 in a research note published on Friday morning,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

SPOT has been the topic of several other research reports. Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. The Goldman Sachs Group boosted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Wells Fargo & Company increased their price objective on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Pivotal Research lifted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $433.36.

Spotify Technology Price Performance

Shares of SPOT stock opened at $459.82 on Friday. The company has a 50-day moving average of $460.14 and a two-hundred day moving average of $384.72. The firm has a market cap of $91.53 billion, a PE ratio of 124.95 and a beta of 1.62. Spotify Technology has a 1-year low of $191.88 and a 1-year high of $506.47.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) 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 firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Sell-side analysts anticipate that Spotify Technology will post 6.02 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds have recently made changes to their positions in SPOT. West Oak Capital LLC raised its position in Spotify Technology by 449,633.3% in the fourth quarter. West Oak Capital LLC now owns 26,984 shares of the company’s stock worth $12,072,000 after acquiring an additional 26,978 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Spotify Technology by 2.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,398 shares of the company’s stock valued at $625,000 after purchasing an additional 33 shares in the last quarter. First Hawaiian Bank lifted its stake in shares of Spotify Technology by 5.7% in the fourth quarter. First Hawaiian Bank now owns 4,098 shares of the company’s stock valued at $1,833,000 after purchasing an additional 222 shares during the period. Park National Corp OH boosted its holdings in Spotify Technology by 4.1% during the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after buying an additional 31 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Spotify Technology by 39.6% during the fourth quarter. GAMMA Investing LLC now owns 945 shares of the company’s stock worth $423,000 after buying an additional 268 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.