Spotify Technology S.A. (NYSE:SPOT) Given Consensus Rating of “Moderate Buy” by Brokerages

Spotify Technology S.A. (NYSE:SPOT) has earned a consensus recommendation of “Moderate Buy” from the twenty-nine analysts that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $421.69.

SPOT has been the topic of a number of research reports. Benchmark raised their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Evercore ISI increased their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. The Goldman Sachs Group boosted their price target on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Morgan Stanley lifted their target price on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their price target on shares of Spotify Technology from $475.00 to $525.00 and gave the company a “buy” rating in a report on Thursday, November 14th.

Institutional Trading of Spotify Technology

Institutional investors have recently modified their holdings of the stock. WCM Investment Management LLC increased its position in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after buying an additional 102,786 shares in the last quarter. State Street Corp raised its position in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the last quarter. FMR LLC lifted its stake in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its position in Spotify Technology by 19.0% during the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock worth $361,159,000 after acquiring an additional 156,300 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $476.96 on Friday. The firm’s 50 day simple moving average is $404.30 and its 200-day simple moving average is $350.65. Spotify Technology has a one year low of $179.66 and a one year high of $489.69. The firm has a market cap of $94.94 billion, a PE ratio of 129.61 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. Equities research analysts predict that Spotify Technology will post 6.02 EPS for the current fiscal 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.