Spotify Technology (SPOT) Scheduled to Post Earnings on Tuesday

Spotify Technology (NYSE:SPOT) is scheduled to be announcing its earnings results before the market opens on Tuesday, April 23rd. Analysts expect the company to announce earnings of $0.69 per share for the quarter. Spotify Technology has set its Q1 2024 guidance at EPS.Parties that are interested in registering for the company’s conference call can do so using this link.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.43) earnings per share. On average, analysts expect Spotify Technology to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Spotify Technology Stock Down 3.3 %

Shares of NYSE SPOT opened at $290.52 on Tuesday. The firm has a market cap of $57.62 billion, a price-to-earnings ratio of -98.15 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $313.16. The business’s 50 day moving average is $262.87 and its two-hundred day moving average is $211.24.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SPOT. Quarry LP bought a new position in shares of Spotify Technology during the second quarter valued at approximately $35,000. LM Advisors LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $37,000. First Manhattan Co. raised its holdings in shares of Spotify Technology by 65.8% during the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after acquiring an additional 100 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Spotify Technology in the first quarter worth $69,000. Finally, Covestor Ltd grew its stake in Spotify Technology by 6,155.6% in the first quarter. Covestor Ltd now owns 563 shares of the company’s stock worth $85,000 after purchasing an additional 554 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective on the stock in a research report on Wednesday, February 7th. KeyCorp upped their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $280.00 to $320.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. UBS Group increased their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Finally, Rosenblatt Securities increased their price target on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $254.16.

Spotify Technology Company Profile

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.