Spotify Technology (NYSE:SPOT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Spotify Technology (NYSE:SPOT) have been assigned a consensus rating of “Moderate Buy” from the thirty-four brokerages that are currently covering the stock, Marketbeat Ratings reports. Nine analysts have rated the stock with a hold recommendation, twenty-three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $730.9355.

Several research firms have commented on SPOT. Pivotal Research decreased their target price on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Moffett Nathanson initiated coverage on Spotify Technology in a research report on Tuesday. They set a “neutral” rating and a $487.00 price objective for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 29th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. State Street Corp lifted its stake in shares of Spotify Technology by 1.1% in the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company’s stock worth $3,226,364,000 after acquiring an additional 48,070 shares during the period. Capital World Investors raised its holdings in Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Spotify Technology by 4.6% during the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after purchasing an additional 113,612 shares in the last quarter. Coatue Management LLC lifted its position in Spotify Technology by 13.3% in the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after purchasing an additional 212,006 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Spotify Technology by 3.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock valued at $1,192,730,000 after purchasing an additional 49,377 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $503.14 on Friday. The firm has a market capitalization of $103.59 billion, a PE ratio of 79.11, a P/E/G ratio of 0.97 and a beta of 1.66. Spotify Technology has a 1-year low of $475.01 and a 1-year high of $785.00. The business’s fifty day moving average price is $560.47 and its two-hundred day moving average price is $639.02.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the company posted $1.45 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 10.3 earnings per share 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.