Spotify Technology S.A. (NYSE:SPOT) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Spotify Technology S.A. (NYSE:SPOT) have received an average rating of “Moderate Buy” from the twenty-six brokerages that are currently covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation and eighteen have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $311.88.

A number of research analysts have recently commented on the stock. Citigroup upped their price objective on shares of Spotify Technology from $255.00 to $310.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Loop Capital upped their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. Bank of America upped their target price on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Finally, Guggenheim upped their price objective on shares of Spotify Technology from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th.

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently bought and sold shares of SPOT. Alps Advisors Inc. raised its holdings in Spotify Technology by 1.9% in the third quarter. Alps Advisors Inc. now owns 7,698 shares of the company’s stock worth $1,190,000 after purchasing an additional 144 shares during the period. Legal & General Group Plc raised its holdings in Spotify Technology by 0.9% in the third quarter. Legal & General Group Plc now owns 583,897 shares of the company’s stock worth $90,300,000 after purchasing an additional 5,426 shares during the period. Sei Investments Co. raised its holdings in Spotify Technology by 32.8% in the third quarter. Sei Investments Co. now owns 329,527 shares of the company’s stock worth $50,957,000 after purchasing an additional 81,450 shares during the period. GSA Capital Partners LLP raised its holdings in Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after purchasing an additional 11,664 shares during the period. Finally, Penserra Capital Management LLC increased its position in shares of Spotify Technology by 13.2% during the third quarter. Penserra Capital Management LLC now owns 12,771 shares of the company’s stock worth $1,974,000 after acquiring an additional 1,490 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Spotify Technology stock opened at $315.05 on Thursday. The firm has a market cap of $59.92 billion, a price-to-earnings ratio of -470.22 and a beta of 1.59. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $331.08. The firm has a fifty day moving average price of $304.91 and a two-hundred day moving average price of $263.01.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter in the previous year, the business earned ($1.24) EPS. As a group, sell-side analysts expect that Spotify Technology will post 4.95 earnings per share 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.