Spotify Technology (NYSE:SPOT) Research Coverage Started at TD Cowen

Posted by Defense World Staff on Oct 24th, 2023

TD Cowen initiated coverage on shares of Spotify Technology (NYSE:SPOT – Free Report) in a research report report published on Monday morning, Marketbeat reports. The brokerage issued a market perform rating and a $129.00 target price on the stock.

Other equities analysts have also issued research reports about the stock. Barclays lifted their price target on shares of Spotify Technology from $180.00 to $182.00 and gave the stock an overweight rating in a report on Tuesday, July 25th. Redburn Atlantic lowered shares of Spotify Technology from a buy rating to a neutral rating and cut their price target for the stock from $170.00 to $160.00 in a report on Monday, October 9th. Monness Crespi & Hardt lowered shares of Spotify Technology from a buy rating to a neutral rating in a report on Thursday, September 28th. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $141.00 to $150.00 and gave the company a neutral rating in a report on Wednesday, July 26th. Finally, The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $156.00 to $163.00 and gave the company a neutral rating in a report on Tuesday, July 25th. Seven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $164.26.

View Our Latest Stock Report on Spotify Technology

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $154.68 on Monday. The firm has a market cap of $30.11 billion, a PE ratio of -28.91 and a beta of 1.69. The firm’s fifty day moving average is $151.67 and its 200-day moving average is $149.98. Spotify Technology has a 52 week low of $69.29 and a 52 week high of $182.00.

Spotify Technology (NYSE:SPOT – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.89). The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.54 billion. Spotify Technology had a negative return on equity of 42.48% and a negative net margin of 7.79%. Sell-side analysts forecast that Spotify Technology will post -3.12 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Quantinno Capital Management LP grew its position in shares of Spotify Technology by 57.7% during the 1st quarter. Quantinno Capital Management LP now owns 6,341 shares of the company’s stock valued at $847,000 after acquiring an additional 2,321 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Spotify Technology by 35.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 773 shares of the company’s stock valued at $103,000 after acquiring an additional 202 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Spotify Technology by 14.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 602,001 shares of the company’s stock valued at $96,652,000 after acquiring an additional 78,128 shares during the period. Nordea Investment Management AB purchased a new stake in shares of Spotify Technology during the 2nd quarter valued at approximately $23,921,000. Finally, Titleist Asset Management LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at approximately $5,481,000. 56.89% of the stock is owned by institutional investors.

About Spotify Technology

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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.