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

Shares of Spotify Technology S.A. (NYSE:SPOT) have earned an average recommendation of “Moderate Buy” from the twenty-eight ratings firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and twenty-two have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $429.96.

SPOT has been the subject of several analyst reports. Piper Sandler increased their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Morgan Stanley increased their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Macquarie lifted their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Barclays upped their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price objective on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th.

Spotify Technology Stock Performance

Shares of SPOT opened at $461.64 on Thursday. The company has a 50 day moving average price of $439.40 and a 200-day moving average price of $371.14. Spotify Technology has a fifty-two week low of $185.37 and a fifty-two week high of $506.47. The stock has a market capitalization of $91.89 billion, a PE ratio of 125.45 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Equities research analysts forecast that Spotify Technology will post 6.02 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the 3rd quarter worth about $26,000. Benjamin Edwards Inc. increased its position in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth approximately $33,000. Asset Dedication LLC purchased a new position in shares of Spotify Technology during the 2nd quarter valued at approximately $35,000. Finally, Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.