KeyCorp Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target lowered by investment analysts at KeyCorp from $830.00 to $720.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective indicates a potential upside of 70.39% from the stock’s previous close.

A number of other brokerages have also issued reports on SPOT. Sanford C. Bernstein lowered their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Moffett Nathanson began coverage on Spotify Technology in a research report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective for the company. Finally, Benchmark decreased their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $724.16.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $422.57 on Monday. 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 simple moving average is $544.79 and its 200-day simple moving average is $627.98. The firm has a market capitalization of $87.00 billion, a PE ratio of 66.44, a price-to-earnings-growth ratio of 0.81 and a beta of 1.66.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Sivia Capital Partners LLC purchased a new stake in Spotify Technology in the 2nd quarter valued at approximately $312,000. IFP Advisors Inc lifted its position in shares of Spotify Technology by 33.5% in the second quarter. IFP Advisors Inc now owns 538 shares of the company’s stock valued at $431,000 after acquiring an additional 135 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new stake in shares of Spotify Technology during the second quarter valued at $296,000. Concurrent Investment Advisors LLC increased its position in Spotify Technology by 319.9% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 5,627 shares of the company’s stock worth $4,318,000 after purchasing an additional 4,287 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Spotify Technology by 15.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,758 shares of the company’s stock valued at $11,324,000 after purchasing an additional 2,002 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.