KeyCorp Trims Spotify Technology (NYSE:SPOT) Target Price to $235.00

Spotify Technology (NYSE:SPOT – Get Rating) had its price target cut by KeyCorp from $260.00 to $235.00 in a research note published on Thursday, The Fly reports. They currently have an overweight rating on the stock. KeyCorp also issued estimates for Spotify Technology’s Q3 2022 earnings at $0.37 EPS.

Several other brokerages also recently weighed in on SPOT. Wells Fargo & Company decreased their target price on shares of Spotify Technology from $200.00 to $153.00 and set an underweight rating for the company in a research note on Thursday, February 3rd. Rosenblatt Securities reduced their price objective on shares of Spotify Technology from $350.00 to $220.00 and set a buy rating on the stock in a research note on Thursday, February 3rd. Wolfe Research reduced their price objective on shares of Spotify Technology from $260.00 to $220.00 and set a peer perform rating on the stock in a research note on Thursday, February 3rd. Atlantic Securities dropped their target price on shares of Spotify Technology from $370.00 to $210.00 and set a neutral rating on the stock in a report on Thursday, February 3rd. Finally, Jefferies Financial Group dropped their target price on shares of Spotify Technology from $358.00 to $275.00 and set a buy rating on the stock in a report on Thursday, February 3rd. Four analysts have rated the stock with a sell rating, eight have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of Hold and an average price target of $238.64.

Shares of SPOT stock opened at $136.27 on Thursday. The company has a market capitalization of $25.92 billion, a PE ratio of -109.02 and a beta of 1.67. The firm has a fifty day simple moving average of $146.90 and a 200-day simple moving average of $205.47. Spotify Technology has a twelve month low of $118.20 and a twelve month high of $305.60.

Spotify Technology (NYSE:SPOT – Get Rating) last announced its earnings results on Wednesday, February 2nd. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.21. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.65 billion. Spotify Technology had a negative net margin of 0.34% and a negative return on equity of 1.27%. The business’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.79) earnings per share. As a group, research analysts forecast that Spotify Technology will post -0.12 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Morgan Stanley grew its holdings in shares of Spotify Technology by 3.2% during the 2nd quarter. Morgan Stanley now owns 19,265,688 shares of the company’s stock valued at $5,309,432,000 after acquiring an additional 589,486 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Spotify Technology by 18.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 5,198 shares of the company’s stock valued at $1,152,000 after acquiring an additional 802 shares in the last quarter. Stephens Inc. AR grew its holdings in shares of Spotify Technology by 20.7% during the 3rd quarter. Stephens Inc. AR now owns 2,533 shares of the company’s stock valued at $571,000 after acquiring an additional 435 shares in the last quarter. WINTON GROUP Ltd purchased a new position in shares of Spotify Technology during the 3rd quarter valued at $454,000. Finally, Dynamic Advisor Solutions LLC grew its holdings in shares of Spotify Technology by 278.8% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 4,633 shares of the company’s stock valued at $1,044,000 after acquiring an additional 3,410 shares in the last quarter. Hedge funds and other institutional investors own 56.36% of the company’s stock.

Spotify Technology Company Profile (Get Rating)

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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