Sanford C. Bernstein Upgrades Spotify Technology (NYSE:SPOT) to Strong-Buy

Sanford C. Bernstein upgraded shares of Spotify Technology (NYSE:SPOT - Free Report) to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other analysts also recently issued reports on SPOT. Wells Fargo & Company raised their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research report on Friday, March 28th. KeyCorp lowered their target price on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Evercore ISI decreased their price objective on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Barclays decreased their price objective on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Finally, Cantor Fitzgerald decreased their target price on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Eight analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $611.14.

Spotify Technology Trading Down 0.1%

SPOT stock traded down $0.58 during midday trading on Tuesday, reaching $712.24. The stock had a trading volume of 936,504 shares, compared to its average volume of 2,219,034. The company's fifty day simple moving average is $612.90 and its 200 day simple moving average is $559.50. The company has a market cap of $145.80 billion, a price-to-earnings ratio of 119.70 and a beta of 1.68. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $717.87.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the business earned $0.97 earnings per share. The firm's revenue was up 15.2% compared to the same quarter last year. Sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jennison Associates LLC grew its holdings in Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Spotify Technology by 3.3% in the first 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 in the last quarter. FMR LLC increased its stake in Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group increased its stake in Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after purchasing an additional 7,075 shares during the last quarter. Finally, GQG Partners LLC acquired a new position in Spotify Technology in the fourth quarter valued at $800,725,000. 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.