Spotify Technology (NYSE:SPOT) Coverage Initiated by Analysts at HSBC

HSBC assumed coverage on shares of Spotify Technology (NYSE:SPOT) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $310.00 price target on the stock.

Several other research firms have also issued reports on SPOT. Bank of America raised their price objective on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Barclays lifted their price objective on shares of Spotify Technology from $186.00 to $216.00 and gave the stock an overweight rating in a research note on Friday, December 8th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $220.00 to $280.00 and gave the stock an overweight rating in a report on Wednesday, February 7th. Robert W. Baird upped their price target on shares of Spotify Technology from $185.00 to $225.00 and gave the company an outperform rating in a report on Friday, December 8th. Finally, Citigroup reissued a neutral rating and issued a $190.00 price objective on shares of Spotify Technology in a research note on Friday, December 1st. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of Moderate Buy and an average target price of $235.36.

Spotify Technology Price Performance

Shares of SPOT opened at $260.21 on Wednesday. The stock has a market capitalization of $51.61 billion, a price-to-earnings ratio of -87.91 and a beta of 1.63. Spotify Technology has a 1 year low of $126.83 and a 1 year high of $278.30. The business’s 50 day simple moving average is $241.86 and its 200-day simple moving average is $198.29.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. Spotify Technology’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the business earned ($1.43) earnings per share. On average, sell-side analysts expect that Spotify Technology will post 3.53 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of SPOT. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology during the fourth quarter valued at $29,000. GAMMA Investing LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at about $32,000. First Horizon Advisors Inc. raised its holdings in Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. LM Advisors LLC purchased a new position in Spotify Technology during the fourth quarter worth approximately $37,000. Finally, Lindbrook Capital LLC grew its holdings in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

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.