Spotify Technology (NYSE:SPOT) Downgraded by Jefferies Financial Group to “Hold”

Spotify Technology (NYSE:SPOT – Get Rating) was downgraded by analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, The Fly reports. They currently have a $95.00 price objective on the stock, down from their prior price objective of $115.00. Jefferies Financial Group’s price objective suggests a potential upside of 3.19% from the stock’s previous close.

SPOT has been the subject of a number of other reports. The Goldman Sachs Group decreased their target price on Spotify Technology from $133.00 to $114.00 and set a “neutral” rating for the company in a report on Wednesday, October 26th. Evercore ISI decreased their price target on Spotify Technology from $230.00 to $175.00 in a report on Wednesday, October 26th. JPMorgan Chase & Co. decreased their price target on Spotify Technology from $155.00 to $130.00 and set an “overweight” rating for the company in a report on Friday, October 21st. Deutsche Bank Aktiengesellschaft decreased their price target on Spotify Technology from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, October 24th. Finally, KeyCorp decreased their price target on Spotify Technology from $148.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, October 21st. Thirteen analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Hold” and a consensus target price of $142.44.

Spotify Technology Trading Up 0.9 %

NYSE:SPOT opened at $92.06 on Thursday. The firm has a market cap of $17.69 billion, a PE ratio of -48.45 and a beta of 1.66. The stock has a fifty day moving average price of $79.29 and a 200 day moving average price of $93.31. Spotify Technology has a 12-month low of $69.29 and a 12-month high of $226.40.

Spotify Technology (NYSE:SPOT – Get Rating) last released its earnings results on Tuesday, October 25th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.11). The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.03 billion. Spotify Technology had a negative net margin of 1.62% and a negative return on equity of 8.21%. Equities analysts forecast that Spotify Technology will post -2.64 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Live Oak Private Wealth LLC increased its position in Spotify Technology by 47.7% during the 2nd quarter. Live Oak Private Wealth LLC now owns 8,041 shares of the company’s stock worth $754,000 after purchasing an additional 2,596 shares during the period. Slow Capital Inc. increased its position in Spotify Technology by 9.1% during the 2nd quarter. Slow Capital Inc. now owns 12,730 shares of the company’s stock worth $1,194,000 after purchasing an additional 1,062 shares during the period. Twin Lakes Capital Management LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $34,000. SRS Investment Management LLC increased its position in Spotify Technology by 74.4% during the 2nd quarter. SRS Investment Management LLC now owns 325,924 shares of the company’s stock worth $30,581,000 after purchasing an additional 139,044 shares during the period. Finally, Markel Corp increased its position in Spotify Technology by 344.8% during the 1st quarter. Markel Corp now owns 12,900 shares of the company’s stock worth $1,948,000 after purchasing an additional 10,000 shares during the period. Institutional investors and hedge funds own 52.80% of the company’s stock.

Spotify Technology Company Profile

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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.