Spotify Technology S.A. (NYSE:SPOT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Spotify Technology S.A. (NYSE:SPOT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-three analysts that are presently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $265.24.

SPOT has been the subject of several recent research reports. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target on the stock in a research note on Wednesday, February 7th. Macquarie reiterated an “outperform” rating and issued a $300.00 price objective (up previously from $232.00) on shares of Spotify Technology in a report on Wednesday, February 7th. HSBC initiated coverage on Spotify Technology in a research note on Wednesday, March 27th. They set a “buy” rating and a $310.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. lifted its position in Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. bought a new position in shares of Spotify Technology in the fourth quarter worth about $29,000. GAMMA Investing LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $32,000. Quarry LP bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $35,000. Finally, LM Advisors LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $37,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of SPOT stock opened at $275.79 on Friday. The company has a 50-day moving average of $266.94 and a two-hundred day moving average of $214.16. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $313.16. The firm has a market cap of $54.70 billion, a PE ratio of -93.17 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the company posted ($1.43) EPS. Sell-side analysts anticipate that Spotify Technology will post 3.51 EPS for the current fiscal year.

About Spotify Technology

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.