Spotify Technology (NYSE:SPOT) Price Target Raised to $520.00 at KeyCorp

Spotify Technology (NYSE:SPOT) had its price objective increased by KeyCorp from $490.00 to $520.00 in a research note published on Wednesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other analysts have also commented on the company. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a research note on Wednesday, July 24th. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Guggenheim raised their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Pivotal Research lifted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, TD Cowen increased their price target on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. One investment 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 stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $412.72.

Spotify Technology Price Performance

SPOT stock opened at $467.34 on Wednesday. The stock’s 50 day moving average price is $369.70 and its 200 day moving average price is $334.73. The firm has a market cap of $93.03 billion, a P/E ratio of 126.99 and a beta of 1.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology has a 1 year low of $170.62 and a 1 year high of $473.00.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at approximately $610,040,000. Swedbank AB acquired a new position in shares of Spotify Technology in the 1st quarter valued at about $198,663,000. WCM Investment Management LLC grew its position in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares during the last quarter. International Assets Investment Management LLC raised its stake in Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares during the period. Finally, Sei Investments Co. boosted its stake in Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after acquiring an additional 333,782 shares during the period. Institutional investors 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.