Spotify Technology S.A. (NYSE:SPOT) Receives Average Rating of “Moderate Buy” from Brokerages

Spotify Technology S.A. (NYSE:SPOT) has received an average recommendation of “Moderate Buy” from the twenty-eight ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and twenty-two have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $353.15.

SPOT has been the subject of a number of research reports. Barclays lifted their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Macquarie boosted their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Wolfe Research began coverage on Spotify Technology in a research note on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target for the company. Piper Sandler reissued a “neutral” rating and set a $320.00 target price (up previously from $300.00) on shares of Spotify Technology in a research note on Wednesday, April 24th. Finally, Redburn Atlantic reissued a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a research note on Wednesday, July 10th.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of SPOT. Vanguard Group Inc. raised its position in shares of Spotify Technology by 2.0% during the third quarter. Vanguard Group Inc. now owns 554,066 shares of the company’s stock worth $85,681,000 after purchasing an additional 10,703 shares during the period. Raymond James & Associates raised its position in shares of Spotify Technology by 19.0% during the fourth quarter. Raymond James & Associates now owns 38,410 shares of the company’s stock worth $7,218,000 after purchasing an additional 6,139 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Spotify Technology by 10.3% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 24,266 shares of the company’s stock worth $4,560,000 after purchasing an additional 2,263 shares during the period. SeaCrest Wealth Management LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $200,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $233,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Down 1.6 %

SPOT opened at $331.02 on Monday. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $359.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $62.96 billion, a P/E ratio of -494.06 and a beta of 1.59. The stock has a fifty day moving average of $313.77 and a 200-day moving average of $281.53.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the firm earned ($1.69) earnings per share. The company’s revenue was up 19.8% on a year-over-year basis. On average, equities analysts expect that Spotify Technology will post 6.32 EPS for the current year.

Spotify Technology Company Profile

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.