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

Spotify Technology S.A. (NYSE:SPOT) has received a consensus recommendation of “Moderate Buy” from the twenty-nine ratings firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $359.14.

Several analysts have recently commented on SPOT shares. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. UBS Group raised their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Wolfe Research began coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target for the company. Benchmark reiterated a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a research note on Monday, July 22nd. Finally, Macquarie upped their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of SPOT. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares during the period. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the 2nd quarter worth $25,000. Benjamin Edwards Inc. increased its holdings in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. raised its position in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the period. Finally, FinTrust Capital Advisors LLC lifted its stake in shares of Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.1 %

NYSE:SPOT opened at $373.86 on Friday. Spotify Technology has a 12-month low of $145.76 and a 12-month high of $389.23. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock’s 50 day simple moving average is $347.52 and its 200-day simple moving average is $318.15. The firm has a market cap of $74.42 billion, a P/E ratio of 152.60 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.69) EPS. Equities analysts anticipate that Spotify Technology will post 6.24 EPS for the current year.

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.