Spotify Technology (NYSE:SPOT) Now Covered by Analysts at Moffett Nathanson

Moffett Nathanson began coverage on shares of Spotify Technology (NYSE:SPOT) in a research note issued to investors on Tuesday, Marketbeat reports. The firm issued a neutral rating and a $487.00 price objective on the stock.

Other equities research analysts also recently issued reports about the company. Pivotal Research decreased their price objective on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Barclays decreased their price target on Spotify Technology from $700.00 to $625.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $730.94.

Spotify Technology Price Performance

SPOT opened at $511.75 on Tuesday. The company has a market capitalization of $105.36 billion, a P/E ratio of 80.46, a P/E/G ratio of 0.97 and a beta of 1.66. The firm’s fifty day moving average price is $564.41 and its two-hundred day moving average price is $640.90. Spotify Technology has a fifty-two week low of $475.01 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data 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 net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period last year, the firm earned $1.45 EPS. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently added to or reduced their stakes in the stock. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology during the third quarter worth approximately $26,000. Knuff & Co LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. lifted its holdings in Spotify Technology by 3,800.0% during 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 position in Spotify Technology in the 2nd quarter valued at $29,000. Institutional investors own 84.09% of the company’s stock.

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.