Spotify Technology (NYSE:SPOT) Downgraded by Erste Group Bank to Hold

Spotify Technology (NYSE:SPOT) was downgraded by analysts at Erste Group Bank from a “buy” rating to a “hold” rating in a research note issued on Friday,Finviz reports.

Several other equities analysts have also commented on the company. BNP Paribas Exane initiated coverage on Spotify Technology in a research note on Tuesday, September 16th. They set an “outperform” rating and a $900.00 price target on the stock. BNP Paribas upgraded shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. The Goldman Sachs Group downgraded shares of Spotify Technology from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $765.00 to $770.00 in a research note on Tuesday, September 30th. Argus began coverage on Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price target on the stock. Finally, Guggenheim reduced their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $758.86.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $11.61 during trading on Friday, hitting $572.58. The stock had a trading volume of 256,332 shares, compared to its average volume of 2,088,210. The firm’s fifty day simple moving average is $645.45 and its 200-day simple moving average is $679.86. The stock has a market cap of $117.89 billion, a PE ratio of 90.12, a PEG ratio of 1.84 and a beta of 1.66. Spotify Technology has a 12 month low of $443.21 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the firm earned $1.45 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SPOT. Sapient Capital LLC acquired a new position in Spotify Technology during the second quarter worth $322,000. Integrated Wealth Concepts LLC increased its stake in shares of Spotify Technology by 39.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock worth $1,486,000 after purchasing an additional 769 shares in the last quarter. Swedbank AB lifted its stake in Spotify Technology by 1.4% in the 1st quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after buying an additional 13,458 shares in the last quarter. Legacy Capital Group California Inc. lifted its stake in Spotify Technology by 110.9% in the 2nd quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock valued at $2,990,000 after buying an additional 2,049 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Spotify Technology in the 2nd quarter worth about $18,877,000. Institutional investors and hedge funds 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.