Spotify Technology S.A., together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. The company also offers sales, marketing, contract research and development, and customer support services. As of December 31, 2021, its platform included 406 million monthly active users and 180 million premium subscribers in 184 countries and territories. The company was incorporated in 2006 and is based in Luxembourg, Luxembourg.
Analysts Set New Price Targets
Several analysts have recently weighed in on the company. Loop Capital cut their price objective on Spotify Technology from $280.00 to $110.00 in a report on Thursday, April 28th. KeyCorp reduced their target price on Spotify Technology from $210.00 to $146.00 and set an "overweight" rating for the company in a report on Tuesday, July 26th. Redburn Partners raised Spotify Technology from a "sell" rating to a "neutral" rating in a report on Monday, April 25th. Guggenheim downgraded Spotify Technology from a "buy" rating to a "neutral" rating in a report on Wednesday, April 27th. Finally, Pivotal Research downgraded Spotify Technology from a "buy" rating to a "hold" rating and reduced their target price for the company from $235.00 to $110.00 in a report on Thursday, April 28th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of "Hold" and an average price target of $183.65.
Spotify Technology Trading Up 2.2 %
NYSE:SPOT traded up $2.64 during mid-day trading on Thursday, hitting $122.73. 1,985,403 shares of the company's stock traded hands, compared to its average volume of 2,336,934. The firm has a 50 day moving average of $107.08 and a two-hundred day moving average of $126.85. Spotify Technology has a 12 month low of $89.03 and a 12 month high of $305.60. The firm has a market capitalization of $23.34 billion, a price-to-earnings ratio of -88.29 and a beta of 1.83.
Spotify Technology (NYSE:SPOT - Get Rating) last announced its earnings results on Wednesday, July 27th. The company reported ($0.85) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.17). Spotify Technology had a negative net margin of 0.24% and a negative return on equity of 1.15%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the company earned ($0.23) EPS. Spotify Technology's revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, equities research analysts expect that Spotify Technology will post -2.03 earnings per share for the current year.