Spotify Technology (NYSE:SPOT) Price Target Lowered to $720.00 at KeyCorp

Spotify Technology (NYSE:SPOT) had its price objective reduced by KeyCorp from $830.00 to $720.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently commented on SPOT. Cantor Fitzgerald cut their price objective on shares of Spotify Technology from $675.00 to $615.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. UBS Group dropped their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Friday, January 9th. Benchmark reduced their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Barclays dropped their target price on Spotify Technology from $700.00 to $625.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Finally, Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $724.16.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $414.74 on Monday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The company’s 50 day moving average price is $541.52 and its two-hundred day moving average price is $626.11. The company has a market capitalization of $85.39 billion, a P/E ratio of 65.21, a price-to-earnings-growth ratio of 0.81 and a beta of 1.66.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quadcap Wealth Management LLC grew its holdings in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after purchasing an additional 16 shares during the last quarter. Sage Mountain Advisors LLC boosted its position in Spotify Technology by 6.3% in the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after buying an additional 17 shares in the last quarter. Cloud Capital Management LLC boosted its position in Spotify Technology by 4.8% in the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock valued at $301,000 after buying an additional 18 shares in the last quarter. Fullerton Fund Management Co Ltd. grew its stake in shares of Spotify Technology by 7.0% during the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after buying an additional 18 shares during the last quarter. Finally, Sagespring Wealth Partners LLC increased its holdings in shares of Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after buying an additional 18 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.