Spotify Technology’s (SPOT) “Peer Perform” Rating Reiterated at Wolfe Research

Wolfe Research reiterated their peer perform rating on shares of Spotify Technology (NYSE:SPOT) in a research note released on Friday morning, Marketbeat.com reports.

A number of other equities research analysts have also recently commented on the stock. 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. Phillip Securities restated an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their price target on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Finally, Barclays increased their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $441.21.

Spotify Technology Stock Down 0.9 %

SPOT stock opened at $486.07 on Friday. The company’s fifty day simple moving average is $468.82 and its 200 day simple moving average is $389.91. Spotify Technology has a 12-month low of $200.81 and a 12-month high of $506.47. The firm has a market cap of $96.75 billion, a price-to-earnings ratio of 132.08 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the business earned $0.36 earnings per share. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. Research analysts expect that Spotify Technology will post 5.96 earnings per share for the current year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Verde Capital Management raised its stake in shares of Spotify Technology by 9.4% during the fourth quarter. Verde Capital Management now owns 8,274 shares of the company’s stock valued at $3,702,000 after acquiring an additional 709 shares during the last quarter. Avior Wealth Management LLC raised its position in Spotify Technology by 58.0% during the 4th quarter. Avior Wealth Management LLC now owns 444 shares of the company’s stock valued at $199,000 after purchasing an additional 163 shares during the last quarter. Raleigh Capital Management Inc. raised its position in Spotify Technology by 20.1% during the 4th quarter. Raleigh Capital Management Inc. now owns 454 shares of the company’s stock valued at $203,000 after purchasing an additional 76 shares during the last quarter. Wesbanco Bank Inc. grew its position in shares of Spotify Technology by 18.4% in the 4th quarter. Wesbanco Bank Inc. now owns 6,582 shares of the company’s stock worth $2,945,000 after buying an additional 1,021 shares during the last quarter. Finally, Finley Financial LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $95,000. Institutional investors own 84.09% of the company’s stock.

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.