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

Spotify Technology S.A. (NYSE:SPOT) has been given a consensus rating of “Moderate Buy” by the twenty-seven analysts that are currently covering the firm, MarketBeat reports. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $306.81.

A number of research firms have weighed in on SPOT. Deutsche Bank Aktiengesellschaft upped their target price on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. KeyCorp raised their price objective on Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Pivotal Research raised their price target on Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Benchmark upped their price target on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th.

Spotify Technology Stock Performance

SPOT opened at $313.02 on Friday. The stock has a market capitalization of $59.54 billion, a PE ratio of -467.19 and a beta of 1.61. The stock’s 50 day moving average price is $300.13 and its 200-day moving average price is $252.35. Spotify Technology has a 52-week low of $129.23 and a 52-week high of $331.08.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned ($1.24) EPS. Research analysts forecast that Spotify Technology will post 4.95 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Trust bought a new position in shares of Spotify Technology in the first quarter worth approximately $296,000. EverSource Wealth Advisors LLC boosted its holdings in Spotify Technology by 17.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 938 shares of the company’s stock worth $263,000 after buying an additional 137 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Spotify Technology by 580.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 55,683 shares of the company’s stock worth $14,376,000 after buying an additional 47,500 shares in the last quarter. Cetera Advisors LLC raised its holdings in Spotify Technology by 19.8% during the first quarter. Cetera Advisors LLC now owns 3,185 shares of the company’s stock valued at $840,000 after acquiring an additional 526 shares during the period. Finally, Cetera Investment Advisers lifted its position in shares of Spotify Technology by 95.2% in the first quarter. Cetera Investment Advisers now owns 13,332 shares of the company’s stock valued at $3,518,000 after acquiring an additional 6,502 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.