Spotify Technology (NYSE:SPOT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Spotify Technology (NYSE:SPOT) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-nine ratings firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $630.28.

A number of research firms recently weighed in on SPOT. Loop Capital upped their target price on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research note on Friday, May 2nd. Robert W. Baird increased their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Spotify Technology in a research report on Friday, June 6th. Pivotal Research increased their target price on Spotify Technology from $800.00 to $900.00 and gave the company a “buy” rating in a report on Tuesday. Finally, FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target for the company.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently modified their holdings of SPOT. Jennison Associates LLC grew its stake in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock valued at $1,939,949,000 after purchasing an additional 112,553 shares in the last quarter. FMR LLC grew its stake in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after purchasing an additional 473,569 shares in the last quarter. Schroder Investment Management Group increased its holdings in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after purchasing an additional 7,075 shares during the last quarter. Finally, GQG Partners LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at approximately $800,725,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.5%

Spotify Technology stock opened at $710.76 on Thursday. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80. The firm has a market cap of $145.50 billion, a PE ratio of 117.87, a price-to-earnings-growth ratio of 1.89 and a beta of 1.68. The company’s 50 day moving average is $639.86 and its two-hundred day moving average is $571.10.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm’s revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. On average, equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share 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.