Spotify Technology (NYSE:SPOT) Lowered to “Hold” Rating by Erste Group Bank

Erste Group Bank cut shares of Spotify Technology (NYSE:SPOT) from a buy rating to a hold rating in a research note published on Friday morning, Marketbeat.com reports.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald increased their target price on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating 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 research note on Tuesday, November 4th. Phillip Securities upgraded Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Oppenheimer boosted their target price on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, August 18th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $758.86.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $565.62 on Friday. The stock’s 50-day simple moving average is $642.44 and its 200-day simple moving average is $679.17. The firm has a market capitalization of $116.46 billion, a PE ratio of 88.93, a price-to-earnings-growth ratio of 1.85 and a beta of 1.66. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results 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 return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the company posted $1.45 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. purchased a new position in shares of Spotify Technology in the 1st quarter valued at approximately $201,000. Blair William & Co. IL lifted its holdings in shares of Spotify Technology by 4.6% during the first quarter. Blair William & Co. IL now owns 1,352 shares of the company’s stock worth $744,000 after purchasing an additional 60 shares during the period. Atria Wealth Solutions Inc. grew its position in Spotify Technology by 52.4% in the 1st quarter. Atria Wealth Solutions Inc. now owns 4,958 shares of the company’s stock valued at $2,727,000 after buying an additional 1,705 shares during the last quarter. Vanguard Group Inc. increased its stake in Spotify Technology by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 922,064 shares of the company’s stock valued at $507,163,000 after buying an additional 36,269 shares during the period. Finally, Citizens Financial Group Inc. RI increased its stake in Spotify Technology by 3.7% in the 1st quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company’s stock valued at $262,000 after buying an additional 17 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

About Spotify Technology

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.