Sun. Nov 27th, 2022

Shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) have received a consensus rating of “Moderate Buy” from the twenty-eight analysts that are covering the firm, MarketBeat reports. Eleven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $151.72.

Several equities research analysts have commented on SPOT shares. UBS Group cut their target price on Spotify Technology from $185.00 to $142.00 and set a “neutral” rating on the stock in a research note on Thursday, July 28th. Barclays cut their target price on Spotify Technology from $164.00 to $135.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 26th. Raymond James cut their target price on Spotify Technology from $150.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. Truist Financial cut their target price on Spotify Technology from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, October 27th. Finally, Rosenblatt Securities cut their target price on Spotify Technology from $112.00 to $87.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 1st.

Spotify Technology Trading Up 6.7 %

Spotify Technology stock opened at $83.71 on Friday. The firm has a market capitalization of $16.09 billion, a P/E ratio of -44.06 and a beta of 1.73. Spotify Technology has a 1 year low of $69.29 and a 1 year high of $286.60. The business has a 50-day moving average of $89.56 and a 200-day moving average of $101.32.

Spotify Technology (NYSE:SPOT – Get Rating) last issued its quarterly earnings data on Tuesday, October 25th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.11). Spotify Technology had a negative net margin of 1.62% and a negative return on equity of 8.21%. The business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.03 billion. Research analysts anticipate that Spotify Technology will post -2.64 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Arlington Partners LLC raised its position in Spotify Technology by 1,394.7% in the second quarter. Arlington Partners LLC now owns 284 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the last quarter. CoreCap Advisors LLC bought a new position in Spotify Technology in the second quarter valued at about $29,000. Desjardins Global Asset Management Inc. bought a new position in Spotify Technology in the second quarter valued at about $34,000. Twin Lakes Capital Management LLC bought a new position in Spotify Technology in the third quarter valued at about $34,000. Finally, First Manhattan Co. raised its position in Spotify Technology by 65.8% in the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares during the last quarter. 55.32% of the stock is currently owned by institutional investors.

About Spotify Technology

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

Further Reading

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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