Spotify Technology (NYSE:SPOT) Price Target Cut to $625.00 by Analysts at KeyCorp

Spotify Technology (NYSE:SPOT) had its price target trimmed by KeyCorp from $675.00 to $625.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on SPOT. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. China Renaissance started coverage on Spotify Technology in a research report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on shares of Spotify Technology from $730.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday. Barclays increased their target price on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Nine equities research 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.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $555.30.

Spotify Technology Stock Down 1.1 %

SPOT stock traded down $6.34 during trading on Wednesday, reaching $562.73. 1,409,084 shares of the company’s stock were exchanged, compared to its average volume of 2,169,845. The company’s fifty day moving average price is $583.30 and its 200-day moving average price is $490.71. The firm has a market cap of $115.19 billion, a PE ratio of 94.55 and a beta of 1.75. Spotify Technology has a 1-year low of $267.76 and a 1-year high of $652.63.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. GQG Partners LLC bought a new stake in Spotify Technology during the 4th quarter worth about $800,725,000. Forsta AP Fonden acquired a new position in Spotify Technology during the 4th quarter valued at about $619,600,000. Geode Capital Management LLC boosted its stake in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify Technology during the fourth quarter worth approximately $396,028,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Company Profile

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.