Spotify Technology (NYSE:SPOT) Now Covered by Analysts at Daiwa Securities Group

Daiwa Securities Group began coverage on shares of Spotify Technology (NYSE:SPOT) in a research note released on Thursday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $535.00 price target on the stock.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company lowered their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Guggenheim cut their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research note on Thursday, February 26th. Sanford C. Bernstein dropped their price objective on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $697.26.

Spotify Technology Stock Performance

SPOT opened at $478.00 on Thursday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company has a market cap of $98.41 billion, a P/E ratio of 49.59, a PEG ratio of 1.04 and a beta of 1.66. The business’s 50-day simple moving average is $492.84 and its 200-day simple moving average is $583.65.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.88 earnings per share. As a group, analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds have recently modified their holdings of SPOT. Knuff & Co LLC acquired a new stake in shares of Spotify Technology in the 2nd quarter worth $27,000. Total Investment Management Inc. acquired a new position in shares of Spotify Technology during the second quarter worth about $29,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. raised its holdings in 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 purchasing an additional 38 shares in the last quarter. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology in the third quarter valued at about $26,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology News Roundup

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Daiwa Securities initiated coverage of Spotify with an “outperform” rating and a $535 price target, signaling analyst confidence and potential upside versus the current level.
• Positive Sentiment: Product update — Spotify’s new “SongDNA” feature has been praised as a helpful discovery/engagement tool; improved user engagement and retention from product enhancements can support ad/subscriber revenue over time. Spotify’s new ‘SongDNA’ is actually a great way to learn more about your music
• Neutral Sentiment: Investor attention is elevated — Zacks and other outlets note heavy search interest in SPOT, which can increase volatility but doesn’t by itself change fundamentals. Investors Heavily Search Spotify Technology (SPOT)
• Neutral Sentiment: Ticker-name noise: a press release about EarthLabs Inc. (TSXV: SPOT) running a treasure-hunt promotion circulated recently — unrelated to Spotify but could cause short-term ticker confusion among retail flows. Six Ounces of Gold Hidden in New Brunswick…
• Negative Sentiment: Short-term price weakness — the stock recorded a modest pullback in the prior session (reported ~-2.4%), reflecting near-term profit-taking or market rotation that could damp intraday momentum. Spotify (SPOT) Stock Sinks As Market Gains

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.