Spotify Technology (NYSE:SPOT) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Spotify Technology has received a consensus rating of "Moderate Buy" from 30 brokerages, with an average twelve-month target price of $718.90.
• Institutional investors have significantly increased their stakes in Spotify, with 84.09% of the stock now owned by such investors.
• Despite reporting a larger-than-expected loss of ($0.42) in its last quarterly earnings, Spotify's revenue exceeded expectations, totaling $4.94 billion.

Shares of Spotify Technology (NYSE:SPOT - Get Free Report) have been assigned an average rating of "Moderate Buy" from the thirty brokerages that are covering the firm, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation and twenty have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $718.90.

A number of research firms have commented on SPOT. Morgan Stanley decreased their price target on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. KeyCorp decreased their target price on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Spotify Technology from $700.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Loop Capital upped their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. Finally, Cantor Fitzgerald lifted their price objective on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC grew its stake in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after buying an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after acquiring an additional 112,553 shares during the period. Goldman Sachs Group Inc. grew its position in Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after acquiring an additional 1,601,653 shares during the last quarter. Northern Trust Corp grew its position in Spotify Technology by 10.3% in the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company's stock valued at $866,012,000 after acquiring an additional 147,580 shares during the last quarter. Finally, Forsta AP Fonden increased its stake in Spotify Technology by 12.6% in the first quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock worth $857,855,000 after purchasing an additional 174,700 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $687.45 on Friday. The company has a market capitalization of $140.73 billion, a P/E ratio of 166.86, a P/E/G ratio of 2.89 and a beta of 1.69. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The firm's 50 day simple moving average is $701.76 and its two-hundred day simple moving average is $628.47.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $2.00 by ($2.42). The firm had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.33 earnings per share. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.

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