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

Shares of Spotify Technology S.A. (NYSE:SPOT) have received an average rating of “Moderate Buy” from the twenty-eight brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $441.21.

SPOT has been the subject of a number of recent analyst reports. Rosenblatt Securities upped their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Morgan Stanley boosted their price objective 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. Canaccord Genuity Group lifted their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Macquarie increased their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Aigen Investment Management LP grew its holdings in Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares in the last quarter. Pathway Capital Management LP increased its holdings in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after buying an additional 11,042 shares during the last quarter. Perpetual Ltd raised its position in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares in the last quarter. Covenant Asset Management LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at about $3,364,000. Finally, Jag Capital Management LLC purchased a new position in Spotify Technology in the third quarter worth about $13,569,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

SPOT opened at $486.07 on Monday. The stock’s 50 day simple moving average is $468.82 and its 200 day simple moving average is $389.91. 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 has a 1 year low of $200.81 and a 1 year high of $506.47.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 5.96 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.