Spotify Technology S.A. (NYSE:SPOT) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Spotify Technology S.A. (NYSE:SPOT) have received a consensus rating of “Moderate Buy” from the twenty-nine brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $362.21.

Several equities research analysts have weighed in on the company. Pivotal Research upped their target price on Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Rosenblatt Securities upped their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Bank of America boosted their price target on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. boosted their price target on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPOT. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Spotify Technology by 30.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after buying an additional 18,731 shares during the last quarter. Perpetual Ltd boosted its stake in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after buying an additional 12,192 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Spotify Technology by 121.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after buying an additional 4,060 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its stake in shares of Spotify Technology by 64.7% in the third quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock worth $1,657,000 after buying an additional 1,765 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

SPOT opened at $378.81 on Friday. The business has a fifty day moving average of $352.57 and a 200 day moving average of $322.71. Spotify Technology has a 52-week low of $145.76 and a 52-week high of $389.23. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $75.40 billion, a P/E ratio of 154.62 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the business earned ($1.69) EPS. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 6.24 EPS for the current year.

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.