KeyCorp Cuts Spotify Technology (NYSE:SPOT) Price Target to $660.00

Spotify Technology (NYSE:SPOT) had its price target lowered by KeyCorp from $680.00 to $660.00 in a report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

SPOT has been the subject of several other research reports. UBS Group lowered their price objective on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Cantor Fitzgerald raised their price objective on shares of Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Wells Fargo & Company cut their target price on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Argus reissued a “buy” rating and set a $600.00 target price on shares of Spotify Technology in a report on Thursday, August 13th. Finally, Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $593.50.

Spotify Technology Stock Down 3.9%

Shares of SPOT stock opened at $472.17 on Thursday. The firm has a market capitalization of $97.21 billion, a P/E ratio of 29.40, a P/E/G ratio of 1.45 and a beta of 1.61. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $708.55. The stock’s fifty day simple moving average is $517.86 and its 200 day simple moving average is $493.79.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.Spotify Technology’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.42) EPS. As a group, equities research analysts expect that Spotify Technology will post 13.85 EPS for the current fiscal year.

Insider Transactions at Spotify Technology

In other news, CEO Alex Norström sold 5,436 shares of Spotify Technology stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the transaction, the chief executive officer directly owned 66,773 shares of the company’s stock, valued at approximately $33,526,723.30. This trade represents a 7.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,913 shares of Spotify Technology stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $544.19, for a total value of $11,380,645.47. Following the completion of the transaction, the chief executive officer directly owned 20,025 shares of the company’s stock, valued at approximately $10,897,404.75. This trade represents a 51.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 73,451 shares of company stock valued at $37,258,896. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently added to or reduced their stakes in the business. Pin Oak Investment Advisors Inc. acquired a new position in Spotify Technology in the second quarter valued at approximately $27,000. Osbon Capital Management LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $35,000. Portus Wealth Advisors LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at $32,000. Whipplewood Advisors LLC increased its stake in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after acquiring an additional 55 shares in the last quarter. Finally, Palladiem LLC acquired a new position in shares of Spotify Technology during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

About Spotify Technology

Spotify Technology SA is a global audio streaming company that operates the Spotify platform. The service provides users with access to a broad catalog of music, podcasts and audiobooks, along with personalized recommendations, playlists and other discovery features.

Spotify offers a subscription-based Premium service with enhanced listening features, as well as an ad-supported service available at no direct cost to users. The company generates revenue primarily through Premium subscriptions and advertising, including audio, video and display advertising delivered across its platform.

Founded in 2006 by Daniel Ek and Martin Lorentzon, Spotify is headquartered in Stockholm, Sweden, and serves listeners, creators, advertisers and other partners across markets worldwide.