Spotify Technology (NYSE:SPOT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Spotify Technology (NYSE:SPOT) have earned a consensus rating of “Moderate Buy” from the thirty-three analysts that are covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $758.8621.

Several research analysts have weighed in on SPOT shares. Barclays dropped their price target on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Argus assumed coverage on shares of Spotify Technology in a research report on Monday, September 29th. They set a “buy” rating and a $845.00 target price for the company. BNP Paribas Exane assumed coverage on shares of Spotify Technology in a research note on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price for the company. Citigroup boosted their price target on shares of Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 9th. Finally, Pivotal Research dropped their price objective on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a report on Wednesday, November 5th.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $609.12 on Thursday. The stock has a fifty day simple moving average of $635.32 and a two-hundred day simple moving average of $678.18. The firm has a market capitalization of $125.41 billion, a PE ratio of 95.77, a PEG ratio of 1.95 and a beta of 1.66. Spotify Technology has a 52-week low of $443.21 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same quarter in the prior year, the company posted $1.45 earnings per share. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

A number of large investors have recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Spotify Technology in the third quarter valued at $26,000. Knuff & Co LLC bought a new position in Spotify Technology during the second quarter valued at $27,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $27,000. Greykasell Wealth Strategies Inc. grew its stake in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares in the last quarter. Finally, Total Investment Management Inc. bought a new stake in shares of Spotify Technology in the 2nd quarter worth about $29,000. Institutional investors own 84.09% of the company’s stock.

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.