Spotify Technology (NYSE:SPOT) Lifted to “Outperform” at Raymond James

Spotify Technology (NYSE:SPOTGet Rating) was upgraded by stock analysts at Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Monday, The Fly reports.

A number of other equities research analysts have also recently commented on SPOT. UBS Group decreased their price target on Spotify Technology from $220.00 to $175.00 and set a “buy” rating on the stock in a report on Thursday, April 28th. Citigroup decreased their price target on shares of Spotify Technology from $240.00 to $165.00 in a research note on Friday, April 29th. TheStreet downgraded shares of Spotify Technology from a “c-” rating to a “d+” rating in a research note on Tuesday, March 15th. Barclays cut their price target on shares of Spotify Technology from $280.00 to $170.00 in a report on Thursday, April 28th. Finally, Redburn Partners raised shares of Spotify Technology from a “sell” rating to a “neutral” rating in a report on Monday, April 25th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Hold” and a consensus price target of $213.45.

Shares of SPOT opened at $112.23 on Monday. The business’s fifty day simple moving average is $119.97 and its two-hundred day simple moving average is $168.37. Spotify Technology has a 12 month low of $89.03 and a 12 month high of $305.60. The company has a market cap of $21.35 billion, a price-to-earnings ratio of -158.07 and a beta of 1.79.

Spotify Technology (NYSE:SPOTGet Rating) last released 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 firm had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.61 billion. Spotify Technology had a return on equity of 3.02% and a net margin of 0.68%. The company’s revenue was up 23.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.30) EPS. Equities analysts expect that Spotify Technology will post -0.59 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the stock. Verition Fund Management LLC raised its holdings in shares of Spotify Technology by 136.5% in the first quarter. Verition Fund Management LLC now owns 8,818 shares of the company’s stock valued at $1,332,000 after buying an additional 5,089 shares during the last quarter. Walleye Capital LLC bought a new stake in Spotify Technology in the 1st quarter valued at approximately $3,295,000. Advisory Services Network LLC raised its stake in shares of Spotify Technology by 103.4% during the 1st quarter. Advisory Services Network LLC now owns 5,308 shares of the company’s stock worth $802,000 after purchasing an additional 2,698 shares in the last quarter. Capital Group International Inc. CA raised its stake in shares of Spotify Technology by 53.9% during the 1st quarter. Capital Group International Inc. CA now owns 251,685 shares of the company’s stock worth $38,009,000 after purchasing an additional 88,095 shares in the last quarter. Finally, Capital International Investors raised its stake in Spotify Technology by 146.6% in the 1st quarter. Capital International Investors now owns 227,732 shares of the company’s stock valued at $34,392,000 after acquiring an additional 135,369 shares during the period. 56.36% of the stock is owned by institutional investors and hedge funds.

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.

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