Spotify Technology (NYSE:SPOT) Now Covered by Analysts at Benchmark

Benchmark started coverage on shares of Spotify Technology (NYSE:SPOT) in a research report report published on Wednesday, Price Targets.com reports. The brokerage issued a buy rating and a $300.00 price target on the stock.

Other research analysts have also issued research reports about the stock. Barclays increased their target price on shares of Spotify Technology from $300.00 to $310.00 and gave the stock an overweight rating in a research note on Thursday, October 28th. DZ Bank assumed coverage on shares of Spotify Technology in a research report on Friday, September 24th. They set a sell rating and a $200.00 price target on the stock. Truist Securities reduced their price target on shares of Spotify Technology from $290.00 to $270.00 and set a buy rating on the stock in a research report on Friday, July 30th. Zacks Investment Research cut shares of Spotify Technology from a buy rating to a hold rating in a research report on Tuesday, November 2nd. Finally, KeyCorp increased their price target on shares of Spotify Technology from $340.00 to $365.00 and gave the stock an overweight rating in a research report on Thursday, October 28th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $308.36.

Shares of SPOT stock opened at $249.49 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a market cap of $44.72 billion, a PE ratio of -138.61 and a beta of 1.58. The company has a 50-day moving average of $254.73 and a two-hundred day moving average of $244.41. Spotify Technology has a 1-year low of $201.68 and a 1-year high of $387.44.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Wednesday, October 27th. The company reported ($0.41) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.16). The company had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Spotify Technology had a negative return on equity of 4.29% and a negative net margin of 1.31%. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same period last year, the business earned ($0.68) EPS. Sell-side analysts anticipate that Spotify Technology will post -1.32 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. grew its position in shares of Spotify Technology by 7.9% during the third quarter. Baillie Gifford & Co. now owns 22,333,544 shares of the company’s stock worth $5,032,640,000 after acquiring an additional 1,641,852 shares during the last quarter. Morgan Stanley grew its position in shares of Spotify Technology by 3.2% during the second quarter. Morgan Stanley now owns 19,265,688 shares of the company’s stock worth $5,309,432,000 after acquiring an additional 589,486 shares during the last quarter. ARK Investment Management LLC grew its position in shares of Spotify Technology by 23.1% during the second quarter. ARK Investment Management LLC now owns 4,792,008 shares of the company’s stock worth $1,320,629,000 after acquiring an additional 900,683 shares during the last quarter. BlackRock Inc. grew its position in shares of Spotify Technology by 7.9% during the second quarter. BlackRock Inc. now owns 3,677,746 shares of the company’s stock worth $1,013,552,000 after acquiring an additional 269,718 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt grew its position in shares of Spotify Technology by 9.2% during the second quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,385,600 shares of the company’s stock worth $657,448,000 after acquiring an additional 200,000 shares during the last quarter. Institutional investors and hedge funds own 60.53% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology SA is a digital music service offering music fans instant access to a world of music. The company operates through the following segments: Premium and Ad-Supported. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices, users can connect through speakers, receivers, televisions, cars, game consoles, and smart watches.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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