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

Shares of Spotify Technology (NYSE:SPOT) have been assigned an average rating of “Moderate Buy” from the thirty-three ratings firms that are presently covering the firm, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $758.8621.

Several brokerages have recently weighed in on SPOT. Benchmark increased their target price on shares of Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Rosenblatt Securities reduced their price objective 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. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Oppenheimer upped their target price on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a research note on Monday, August 18th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday.

Institutional Trading of Spotify Technology

Large investors have recently made changes to their positions in the stock. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter valued at about $26,000. Knuff & Co LLC purchased a new position in shares of Spotify Technology during the second quarter worth approximately $27,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. raised its stake in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Finally, Total Investment Management Inc. purchased a new stake in shares of Spotify Technology in the second quarter valued at approximately $29,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE:SPOT opened at $609.12 on Thursday. The firm has a market capitalization of $125.41 billion, a price-to-earnings ratio of 95.77, a PEG ratio of 1.95 and a beta of 1.66. The business has a 50 day simple moving average of $635.32 and a 200-day simple moving average of $678.18. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion for 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 company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.45 EPS. As a group, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.