Spotify Technology (NYSE:SPOT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Spotify Technology (NYSE:SPOT) have earned an average recommendation of “Moderate Buy” from the thirty-four ratings firms that are covering the stock, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation, twenty-three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $760.2333.

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Citigroup lifted their target price on Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a report on Tuesday, September 9th. Benchmark upped their price target on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Citizens Jmp started coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective for the company. Finally, Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology during the third quarter worth $26,000. Knuff & Co LLC bought a new stake in Spotify Technology during the second quarter valued at $27,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology during the 3rd quarter worth about $27,000. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the period. Finally, Total Investment Management Inc. bought a new position in shares of Spotify Technology in the 2nd quarter worth about $29,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Down 1.2%

NYSE:SPOT opened at $573.88 on Monday. The stock’s 50-day moving average is $602.40 and its 200-day moving average is $665.14. Spotify Technology has a 1-year low of $451.43 and a 1-year high of $785.00. The stock has a market cap of $118.16 billion, a P/E ratio of 90.23, a price-to-earnings-growth ratio of 1.03 and a beta of 1.66.

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

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.