Spotify Technology S.A. (NYSE:SPOT) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Spotify Technology S.A. (NYSE:SPOT) have been given a consensus recommendation of “Moderate Buy” by the twenty-eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and twenty-two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $429.96.

A number of research firms have recently commented on SPOT. Canaccord Genuity Group lifted their target price on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Piper Sandler raised their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Rosenblatt Securities upped their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Pivotal Research raised their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. WCM Investment Management LLC boosted its position in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after buying an additional 346,585 shares in the last quarter. Sei Investments Co. grew its stake in Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after acquiring an additional 333,782 shares during the last quarter. FMR LLC increased its holdings in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in Spotify Technology by 3,948.3% during the third quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock worth $97,329,000 after acquiring an additional 257,706 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.0 %

SPOT stock opened at $447.38 on Thursday. The stock has a market cap of $89.05 billion, a price-to-earnings ratio of 121.57 and a beta of 1.61. Spotify Technology has a fifty-two week low of $185.37 and a fifty-two week high of $506.47. The business has a 50 day moving average price of $448.52 and a 200 day moving average price of $376.72.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the company posted $0.36 EPS. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Spotify Technology will post 6.02 EPS for the current year.

About Spotify Technology

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.