Spotify Technology (NYSE:SPOT – Get Free Report) announced its earnings results on Tuesday. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25, Briefing.com reports. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 17.48% and a net margin of 3.22%. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.69) earnings per share. Spotify Technology updated its Q3 2024 guidance to EPS.
Spotify Technology Stock Down 2.2 %
SPOT traded down $7.57 during mid-day trading on Thursday, reaching $328.95. 2,713,094 shares of the company traded hands, compared to its average volume of 1,998,568. The stock has a market capitalization of $65.48 billion, a P/E ratio of -502.43, a P/E/G ratio of 0.87 and a beta of 1.59. The company’s fifty day moving average price is $309.88 and its 200-day moving average price is $275.66. Spotify Technology has a 52-week low of $129.23 and a 52-week high of $346.23.
Analysts Set New Price Targets
Several research analysts have commented on the stock. Macquarie upped their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Barclays raised their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday. HSBC upped their target price on Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Finally, Pivotal Research lifted their price target on Spotify Technology from $400.00 to $460.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $353.15.
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.
See Also
- Five stocks we like better than Spotify Technology
- ESG Stocks, What Investors Should Know
- Viking Therapeutics: Pharma Stock Soars on Positive Earnings
- 3 Tickers Leading a Meme Stock Revival
- Top 3 Small Cap Stocks Emerging as Rotation Winners
- What Are Growth Stocks and Investing in Them
- Bargain Alert: 3 Stocks Worth Watching While The Market Cools
Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.