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

Shares of Spotify Technology (NYSE:SPOT) have earned a consensus recommendation of “Moderate Buy” from the thirty-three ratings firms that are currently covering the company, MarketBeat reports. Nine research analysts have rated the stock with a hold recommendation, twenty-two have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $758.8621.

SPOT has been the topic of a number of recent research reports. BNP Paribas Exane initiated coverage on Spotify Technology in a research report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 target price on the stock. Guggenheim cut their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Argus started coverage on shares of Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 target price for the company. Oppenheimer upped their price target on shares of Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, August 18th. Finally, BNP Paribas raised Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $576.97 on Thursday. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The firm has a market capitalization of $118.80 billion, a price-to-earnings ratio of 90.72, a PEG ratio of 1.97 and a beta of 1.66. The stock’s 50-day simple moving average is $629.39 and its 200-day simple moving average is $677.06.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Knuff & Co LLC purchased a new stake in Spotify Technology during the second quarter worth $27,000. Heartwood Wealth Advisors LLC purchased a new stake in Spotify Technology during the third quarter worth $27,000. Greykasell Wealth Strategies Inc. grew its position in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the period. Finally, Total Investment Management Inc. purchased a new position in Spotify Technology in the second quarter valued at $29,000. 84.09% of the stock is currently 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.