Spotify Technology (NYSE:SPOT) Receives New Coverage from Analysts at Wolfe Research

Analysts at Wolfe Research initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a report released on Friday, Benzinga reports. The brokerage set an “outperform” rating and a $390.00 price target on the stock. Wolfe Research’s target price suggests a potential upside of 29.67% from the company’s current price.

A number of other equities research analysts also recently weighed in on SPOT. Pivotal Research raised their price objective on Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. HSBC raised their price objective on Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. UBS Group raised their price target on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday. Redburn Atlantic reissued a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a report on Wednesday. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a report on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $323.22.

Spotify Technology Trading Down 1.4 %

SPOT opened at $300.77 on Friday. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $331.08. The business’s fifty day simple moving average is $308.35 and its 200-day simple moving average is $267.85. The company has a market capitalization of $57.21 billion, a price-to-earnings ratio of -448.90, a PEG ratio of 0.81 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter last year, the company earned ($1.24) earnings per share. On average, equities research analysts predict that Spotify Technology will post 4.98 EPS for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Clearbridge Investments LLC increased its position in shares of Spotify Technology by 0.6% in the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after buying an additional 38 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after buying an additional 43 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Spotify Technology by 4.4% in the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after acquiring an additional 51 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in shares of Spotify Technology by 3.5% in the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after acquiring an additional 56 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.