Spotify Technology (NYSE:SPOT) Coverage Initiated at HSBC

Equities research analysts at HSBC began coverage on shares of Spotify Technology (NYSE:SPOT) in a research note issued to investors on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $310.00 price target on the stock. HSBC’s price target would indicate a potential upside of 17.46% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. UBS Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $170.00 to $274.00 in a report on Tuesday, January 30th. Barclays lifted their price objective on shares of Spotify Technology from $186.00 to $216.00 and gave the stock an “overweight” rating in a report on Friday, December 8th. Robert W. Baird lifted their price objective on shares of Spotify Technology from $185.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, December 8th. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Finally, Wells Fargo & Company boosted their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a report on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.36.

Spotify Technology Trading Up 1.4 %

Shares of NYSE:SPOT opened at $263.91 on Wednesday. The company has a fifty day simple moving average of $243.09 and a 200 day simple moving average of $198.73. The firm has a market cap of $52.34 billion, a PE ratio of -89.16 and a beta of 1.63. Spotify Technology has a 12-month low of $128.57 and a 12-month high of $278.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.43) earnings per share. As a group, equities research analysts forecast that Spotify Technology will post 3.53 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of SPOT. Regis Acquisition Inc. raised its position in Spotify Technology by 6.8% in the fourth quarter. Regis Acquisition Inc. now owns 53,753 shares of the company’s stock worth $10,101,000 after acquiring an additional 3,446 shares in the last quarter. Vanguard Group Inc. raised its position in Spotify Technology by 6.3% in the fourth quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock worth $110,650,000 after acquiring an additional 34,781 shares in the last quarter. Greenwood Capital Associates LLC raised its position in Spotify Technology by 7.2% in the fourth quarter. Greenwood Capital Associates LLC now owns 21,396 shares of the company’s stock worth $4,021,000 after acquiring an additional 1,439 shares in the last quarter. Royal London Asset Management Ltd. raised its position in Spotify Technology by 5.5% in the fourth quarter. Royal London Asset Management Ltd. now owns 56,670 shares of the company’s stock worth $10,649,000 after acquiring an additional 2,966 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Spotify Technology in the fourth quarter worth about $221,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

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.