KeyCorp Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target lifted by research analysts at KeyCorp from $740.00 to $745.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 43.21% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Daiwa Securities Group started coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. Weiss Ratings lowered shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Guggenheim lowered their price target on Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research note on Friday, January 30th. Finally, Moffett Nathanson began coverage on Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $690.17.

Spotify Technology Price Performance

NYSE SPOT opened at $520.20 on Wednesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The stock’s 50-day moving average is $487.96 and its two-hundred day moving average is $560.90. The firm has a market cap of $107.10 billion, a P/E ratio of 53.63, a price-to-earnings-growth ratio of 1.12 and a beta of 1.70.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.88 EPS. On average, equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Insider Activity

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the sale, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This represents a 50.27% decrease in their position. The SEC filing for this sale provides additional information. 0.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Helios Capital Management PTE. Ltd. raised its stake in Spotify Technology by 56.3% during the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after acquiring an additional 2,700 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Spotify Technology by 35.1% in the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after purchasing an additional 177,310 shares in the last quarter. Truxt Investmentos Ltda. bought a new stake in shares of Spotify Technology in the 3rd quarter worth about $2,093,000. Ownership Capital B.V. acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $2,769,000. Finally, Vanguard Group Inc. increased its position in shares of Spotify Technology by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after purchasing an additional 24,199 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.