Spotify Technology (NYSE:SPOT) Cut to Hold at Erste Group Bank

Erste Group Bank downgraded shares of Spotify Technology (NYSE:SPOT) from a buy rating to a hold rating in a report published on Friday, MarketBeat reports.

Other equities research analysts also recently issued reports about the stock. Rosenblatt Securities cut their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Oppenheimer raised their target price on Spotify Technology from $750.00 to $825.00 and gave the stock an “outperform” rating in a research report on Monday, August 18th. Finally, Guggenheim reduced their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $758.86.

Spotify Technology Stock Up 0.8%

Shares of SPOT stock opened at $565.62 on Friday. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The stock’s fifty day simple moving average is $642.44 and its 200 day simple moving average is $679.58. The firm has a market capitalization of $116.46 billion, a P/E ratio of 88.93, a P/E/G ratio of 1.87 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the company earned $1.45 earnings per share. As a group, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its position in shares of Spotify Technology by 1.1% during the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company’s stock valued at $3,226,364,000 after acquiring an additional 48,070 shares during the period. Capital World Investors grew its holdings in Spotify Technology by 40.7% in 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 during the period. Fisher Asset Management LLC increased its stake in Spotify Technology by 4.6% in the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after purchasing an additional 113,612 shares in the last quarter. Coatue Management LLC boosted its position in shares of Spotify Technology by 13.3% during the 3rd 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 in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Spotify Technology by 10.3% in the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock valued at $866,012,000 after buying an additional 147,580 shares during the period. 84.09% of the stock is 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.