KeyCorp Analysts Decrease Earnings Estimates for Spotify Technology S.A. (NYSE:SPOT)

Spotify Technology S.A. (NYSE:SPOTGet Rating) – Stock analysts at KeyCorp lowered their Q2 2022 earnings per share (EPS) estimates for Spotify Technology in a research note issued to investors on Wednesday, April 27th. KeyCorp analyst J. Patterson now anticipates that the company will post earnings per share of ($0.63) for the quarter, down from their prior estimate of $0.05. KeyCorp has a “Overweight” rating and a $235.00 price target on the stock. KeyCorp also issued estimates for Spotify Technology’s Q3 2022 earnings at ($0.22) EPS, Q4 2022 earnings at ($0.44) EPS, FY2022 earnings at ($0.55) EPS and FY2023 earnings at ($0.81) EPS.

Spotify Technology (NYSE:SPOTGet Rating) last posted its quarterly earnings results on Wednesday, April 27th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.40. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Spotify Technology had a net margin of 0.68% and a return on equity of 2.93%. The business’s revenue for the quarter was up 23.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.30) EPS.

Other equities analysts have also recently issued research reports about the stock. Credit Suisse Group decreased their price target on shares of Spotify Technology from $270.00 to $238.00 and set a “neutral” rating for the company in a research report on Thursday, February 3rd. Rosenblatt Securities initiated coverage on shares of Spotify Technology in a report on Tuesday, April 19th. They issued a “neutral” rating and a $150.00 price objective on the stock. Guggenheim lowered shares of Spotify Technology from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 27th. Truist Financial cut their price target on shares of Spotify Technology from $210.00 to $150.00 in a research note on Thursday. Finally, Barclays dropped their price objective on shares of Spotify Technology from $280.00 to $170.00 in a research note on Thursday. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $214.31.

NYSE:SPOT opened at $101.65 on Monday. The stock has a market capitalization of $19.34 billion, a P/E ratio of -143.17 and a beta of 1.67. The company has a 50 day moving average price of $137.13 and a 200 day moving average price of $197.06. Spotify Technology has a fifty-two week low of $95.22 and a fifty-two week high of $305.60.

A number of institutional investors have recently added to or reduced their stakes in the business. UMB Bank N A MO acquired a new position in shares of Spotify Technology in the fourth quarter worth about $26,000. Lazard Asset Management LLC bought a new position in Spotify Technology during the fourth quarter valued at approximately $26,000. MUFG Americas Holdings Corp bought a new position in Spotify Technology during the fourth quarter valued at approximately $29,000. IFP Advisors Inc raised its position in Spotify Technology by 71.6% during the fourth quarter. IFP Advisors Inc now owns 151 shares of the company’s stock valued at $35,000 after acquiring an additional 63 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in Spotify Technology by 55.0% during the fourth quarter. Fifth Third Bancorp now owns 155 shares of the company’s stock valued at $36,000 after acquiring an additional 55 shares in the last quarter. 56.36% of the stock is currently owned by hedge funds and other institutional investors.

About Spotify Technology (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.

See Also

Earnings History and Estimates for Spotify Technology (NYSE:SPOT)

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