Erste Group Bank Brokers Lower Earnings Estimates for SPOT

Spotify Technology (NYSE:SPOT) – Erste Group Bank dropped their FY2027 EPS estimates for shares of Spotify Technology in a report released on Wednesday, March 4th. Erste Group Bank analyst S. Lingnau now expects that the company will post earnings of $18.38 per share for the year, down from their prior forecast of $18.76. Erste Group Bank has a “Hold” rating on the stock. The consensus estimate for Spotify Technology’s current full-year earnings is $10.30 per share.

A number of other research analysts have also issued reports on the company. Wells Fargo & Company reduced their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Guggenheim lowered their price target on Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Citizens Jmp initiated coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. KeyCorp decreased their target price on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Finally, Cantor Fitzgerald lowered their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $698.91.

Spotify Technology Price Performance

Shares of SPOT stock opened at $566.73 on Monday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm has a market capitalization of $116.68 billion, a price-to-earnings ratio of 58.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. The business has a 50 day simple moving average of $507.95 and a 200 day simple moving average of $600.68.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology’s revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.88 earnings per share.

Institutional Trading of Spotify Technology

A number of hedge funds have recently bought and sold shares of the company. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology during the second quarter valued at approximately $312,000. Moors & Cabot Inc. purchased a new position in Spotify Technology during the 2nd quarter worth approximately $315,000. Atlantic Union Bankshares Corp acquired a new stake in Spotify Technology during the 2nd quarter valued at $127,000. Savant Capital LLC raised its stake in Spotify Technology by 50.5% during the 2nd quarter. Savant Capital LLC now owns 2,767 shares of the company’s stock valued at $2,123,000 after purchasing an additional 929 shares during the period. Finally, Wedbush Securities Inc. lifted its holdings in shares of Spotify Technology by 17.0% in the second quarter. Wedbush Securities Inc. now owns 1,987 shares of the company’s stock valued at $1,525,000 after purchasing an additional 288 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.