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

Spotify Technology (NYSE:SPOT) has been assigned a consensus recommendation of “Moderate Buy” from the thirty-four research firms that are presently covering the firm, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation, twenty-three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $760.2333.

Several equities analysts have recently commented on the stock. BNP Paribas Exane assumed coverage on shares of Spotify Technology in a research report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 target price for the company. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Citizens Jmp initiated coverage on shares of Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Finally, Benchmark lifted their price target on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Knuff & Co LLC acquired a new position in Spotify Technology during the 2nd quarter worth approximately $27,000. Total Investment Management Inc. acquired a new stake in Spotify Technology in the second quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter worth $27,000. Greykasell Wealth Strategies Inc. increased its holdings in shares of Spotify Technology by 3,800.0% during the third 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, KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology in the 3rd quarter valued at $26,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE:SPOT opened at $573.88 on Monday. The company has a market cap of $118.16 billion, a price-to-earnings ratio of 90.23, a PEG ratio of 1.03 and a beta of 1.66. Spotify Technology has a fifty-two week low of $451.43 and a fifty-two week high of $785.00. The stock has a fifty day moving average price of $602.40 and a 200-day moving average price of $665.14.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS 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 company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter last year, the business earned $1.45 earnings per share. Spotify Technology’s revenue was up 7.1% on a year-over-year basis. Research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.