Spotify Technology S.A. (NYSE:SPOT) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Spotify Technology S.A. (NYSE:SPOT - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twenty-eight brokerages that are currently covering the company, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $609.07.

A number of brokerages have recently weighed in on SPOT. UBS Group dropped their price objective on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Loop Capital boosted their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Guggenheim boosted their target price on Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a report on Monday, May 12th. Redburn Atlantic assumed coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. Finally, Rosenblatt Securities cut their target price on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th.

Spotify Technology Stock Down 4.1%

Shares of NYSE SPOT traded down $27.29 during mid-day trading on Friday, reaching $636.67. 1,939,076 shares of the company were exchanged, compared to its average volume of 2,214,726. The firm has a 50-day moving average of $598.91 and a 200 day moving average of $548.67. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $671.24. The stock has a market cap of $130.33 billion, a price-to-earnings ratio of 107.00 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly 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). The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.97 EPS. On average, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Trading of Spotify Technology

Institutional investors have recently modified their holdings of the stock. Dakota Wealth Management increased its holdings in Spotify Technology by 35.6% in the 4th quarter. Dakota Wealth Management now owns 2,291 shares of the company's stock worth $1,025,000 after purchasing an additional 602 shares in the last quarter. Avior Wealth Management LLC increased its position in shares of Spotify Technology by 58.0% during the fourth quarter. Avior Wealth Management LLC now owns 444 shares of the company's stock valued at $199,000 after acquiring an additional 163 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $233,000. RFG Advisory LLC increased its position in shares of Spotify Technology by 10.4% during the fourth quarter. RFG Advisory LLC now owns 1,993 shares of the company's stock valued at $891,000 after acquiring an additional 188 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Spotify Technology by 44.4% during the fourth quarter. Fifth Third Bancorp now owns 231 shares of the company's stock valued at $103,000 after acquiring an additional 71 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.