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

Spotify Technology (NYSE:SPOT) had its price objective decreased by equities researchers at KeyCorp from $675.00 to $625.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 20.06% from the company’s previous close.

A number of other analysts also recently commented on the company. Citigroup upped their target price on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Redburn Atlantic started coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Guggenheim restated a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. dropped their price objective on Spotify Technology from $730.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $555.30.

Spotify Technology Price Performance

NYSE:SPOT traded up $2.24 during midday trading on Wednesday, hitting $520.59. The company’s stock had a trading volume of 267,069 shares, compared to its average volume of 2,161,546. Spotify Technology has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The firm’s 50 day moving average is $582.51 and its 200-day moving average is $488.76. The firm has a market cap of $106.57 billion, a P/E ratio of 88.18 and a beta of 1.75.

Institutional Trading of Spotify Technology

A number of hedge funds have recently added to or reduced their stakes in SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. GQG Partners LLC acquired a new position in Spotify Technology in the 4th quarter worth $800,725,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology during the fourth quarter valued at about $619,600,000. Geode Capital Management LLC lifted its stake in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Finally, Norges Bank purchased a new stake in Spotify Technology during the 4th quarter worth approximately $396,028,000. 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.