Spotify Technology (NYSE:SPOT) Posts Quarterly Earnings Results

Spotify Technology (NYSE:SPOT – Get Rating) issued its quarterly earnings data on Wednesday. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.40, Briefing.com reports. The company had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.61 billion. Spotify Technology had a negative return on equity of 1.27% and a negative net margin of 0.34%. The business’s quarterly revenue was up 23.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.30) earnings per share.

Spotify Technology stock traded up $4.13 during mid-day trading on Friday, hitting $106.81. The company’s stock had a trading volume of 6,936 shares, compared to its average volume of 2,460,862. The stock has a market capitalization of $20.32 billion, a P/E ratio of -82.14 and a beta of 1.67. Spotify Technology has a twelve month low of $95.22 and a twelve month high of $305.60. The stock’s fifty day moving average price is $138.15 and its two-hundred day moving average price is $198.66.

Several equities analysts have issued reports on SPOT shares. Deutsche Bank Aktiengesellschaft dropped their price objective on Spotify Technology from $140.00 to $115.00 in a report on Thursday. Truist Financial lowered their price target on Spotify Technology from $210.00 to $150.00 in a report on Thursday. Credit Suisse Group lowered their price target on Spotify Technology from $270.00 to $238.00 and set a “neutral” rating on the stock in a report on Thursday, February 3rd. Wolfe Research lowered their price target on Spotify Technology from $260.00 to $220.00 and set a “peer perform” rating on the stock in a report on Thursday, February 3rd. Finally, Jefferies Financial Group lowered their price target on Spotify Technology from $358.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, February 3rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Hold” and an average target price of $214.31.

Institutional investors have recently bought and sold shares of the stock. Carroll Investors Inc bought a new position in Spotify Technology in the 4th quarter worth $40,000. Zullo Investment Group Inc. bought a new stake in Spotify Technology in the fourth quarter valued at about $59,000. JustInvest LLC boosted its position in Spotify Technology by 47.6% in the fourth quarter. JustInvest LLC now owns 1,759 shares of the company’s stock valued at $412,000 after buying an additional 567 shares in the last quarter. Flagship Harbor Advisors LLC boosted its position in Spotify Technology by 54.9% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,442 shares of the company’s stock valued at $572,000 after buying an additional 865 shares in the last quarter. Finally, Lombard Odier Asset Management USA Corp acquired a new position in Spotify Technology in the fourth quarter valued at about $617,000. 56.36% of the stock is owned by hedge funds and other institutional investors.

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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