Spotify Technology (NYSE:SPOT) Receives Average Recommendation of “Moderate Buy” from Analysts

Spotify Technology (NYSE:SPOT) has earned an average rating of “Moderate Buy” from the thirty-four research firms that are presently covering the company, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation, twenty-three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $730.9355.

A number of research firms recently commented on SPOT. Sanford C. Bernstein dropped their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Guggenheim decreased their price target on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. Moffett Nathanson began coverage on Spotify Technology in a research note on Tuesday. They set a “neutral” rating and a $487.00 price objective for the company. Finally, UBS Group decreased their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of SPOT. Sivia Capital Partners LLC acquired a new position in shares of Spotify Technology in the second quarter worth about $312,000. Sound Income Strategies LLC raised its holdings in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after acquiring an additional 25 shares during the period. HB Wealth Management LLC lifted its position in shares of Spotify Technology by 8.1% in the 2nd quarter. HB Wealth Management LLC now owns 2,709 shares of the company’s stock valued at $2,079,000 after acquiring an additional 204 shares in the last quarter. Truist Financial Corp boosted its stake in Spotify Technology by 25.1% in the 2nd quarter. Truist Financial Corp now owns 30,602 shares of the company’s stock worth $23,482,000 after purchasing an additional 6,131 shares during the period. Finally, Institute for Wealth Management LLC. acquired a new position in Spotify Technology in the 2nd quarter worth approximately $245,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.1%

Shares of SPOT stock opened at $503.14 on Friday. The stock has a 50-day simple moving average of $560.47 and a 200 day simple moving average of $639.02. The stock has a market capitalization of $103.59 billion, a P/E ratio of 79.11, a P/E/G ratio of 0.97 and a beta of 1.66. Spotify Technology has a fifty-two week low of $475.01 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the previous year, the business earned $1.45 earnings per share. Spotify Technology’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology Company Profile

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.