Spotify Technology (SPOT) to Release Quarterly Earnings on Tuesday

Posted by Defense World Staff on Jul 18th, 2023

Spotify Technology (NYSE:SPOT – Get Free Report) will announce its earnings results before the market opens on Tuesday, July 25th. Analysts expect the company to announce earnings of ($0.84) per share for the quarter. Investors interested in participating in the company’s conference call can do so using this link.

Spotify Technology (NYSE:SPOT – Get Free Report) last released its earnings results on Tuesday, April 25th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($0.23). Spotify Technology had a negative return on equity of 33.54% and a negative net margin of 6.49%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.39 billion. On average, analysts expect Spotify Technology to post $-3 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Spotify Technology Price Performance

NYSE SPOT opened at $179.17 on Tuesday. The company’s 50 day simple moving average is $154.39 and its 200 day simple moving average is $131.70. Spotify Technology has a 12 month low of $69.29 and a 12 month high of $179.42. The company has a market capitalization of $34.08 billion, a P/E ratio of -39.21 and a beta of 1.76.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Spotify Technology during the 4th quarter worth $123,027,000. Point72 Asset Management L.P. raised its holdings in shares of Spotify Technology by 1,069.2% during the fourth quarter. Point72 Asset Management L.P. now owns 630,004 shares of the company’s stock valued at $49,739,000 after buying an additional 695,004 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Spotify Technology by 210.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 474,501 shares of the company’s stock valued at $63,403,000 after acquiring an additional 321,700 shares during the period. Renaissance Technologies LLC acquired a new position in Spotify Technology in the first quarter worth approximately $37,966,000. Finally, BlackRock Inc. boosted its stake in Spotify Technology by 6.3% in the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock worth $611,049,000 after purchasing an additional 241,026 shares during the period. 55.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SPOT shares. Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a report on Wednesday, June 21st. Bank of America increased their target price on shares of Spotify Technology from $165.00 to $185.00 in a report on Thursday, June 29th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $115.00 to $130.00 in a report on Monday, April 24th. VNET Group reissued a “maintains” rating on shares of Spotify Technology in a research report on Wednesday, April 26th. Finally, Guggenheim raised their price objective on shares of Spotify Technology from $165.00 to $180.00 in a research report on Tuesday, May 23rd. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $155.64.

About Spotify Technology

(Get Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.