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

Posted by Defense World Staff on Mar 17th, 2023

Shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) have earned an average rating of “Moderate Buy” from the twenty-three analysts that are currently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $131.77.

A number of research analysts have commented on the company. Redburn Partners upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $140.00 price objective on the stock in a research note on Wednesday, March 1st. Morgan Stanley boosted their price objective on Spotify Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 1st. Barclays boosted their price objective on Spotify Technology from $131.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 1st. Wells Fargo & Company upgraded Spotify Technology from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $121.00 to $180.00 in a research note on Monday, February 6th. Finally, KeyCorp boosted their price objective on Spotify Technology from $125.00 to $140.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 1st.

Spotify Technology Trading Up 2.8 %

Shares of Spotify Technology stock opened at $129.21 on Friday. Spotify Technology has a twelve month low of $69.29 and a twelve month high of $160.06. The stock has a market capitalization of $24.98 billion, a P/E ratio of -41.82 and a beta of 1.75. The business’s fifty day moving average price is $112.98 and its 200 day moving average price is $95.22.

Spotify Technology (NYSE:SPOT – Get Rating) last issued its quarterly earnings data on Tuesday, January 31st. The company reported ($1.43) EPS for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.15). The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.26 billion. Spotify Technology had a negative return on equity of 17.78% and a negative net margin of 3.48%. As a group, sell-side analysts predict that Spotify Technology will post -2.15 EPS for the current year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Asset Management One Co. Ltd. grew its holdings in shares of Spotify Technology by 0.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 24,230 shares of the company’s stock valued at $1,914,000 after purchasing an additional 87 shares during the last quarter. First Manhattan Co. grew its holdings in shares of Spotify Technology by 65.8% during the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after purchasing an additional 100 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Spotify Technology by 0.8% during the fourth quarter. Amalgamated Bank now owns 15,698 shares of the company’s stock valued at $1,239,000 after purchasing an additional 124 shares during the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Spotify Technology by 2.3% during the third quarter. Kestra Advisory Services LLC now owns 5,757 shares of the company’s stock valued at $497,000 after purchasing an additional 129 shares during the last quarter. Finally, CI Investments Inc. grew its holdings in shares of Spotify Technology by 1.7% during the third quarter. CI Investments Inc. now owns 7,947 shares of the company’s stock valued at $686,000 after purchasing an additional 132 shares during the last quarter. 52.80% of the stock is owned by institutional investors.

About Spotify Technology

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Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.