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

Shares of Spotify Technology S.A. (NYSE:SPOT) have been assigned an average recommendation of “Moderate Buy” from the twenty-eight ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and twenty-two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $429.96.

Several equities research analysts recently issued reports on SPOT shares. Barclays lifted their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Rosenblatt Securities boosted their price target on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company raised their price objective on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SPOT. WCM Investment Management LLC boosted its stake in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after acquiring an additional 102,786 shares in the last quarter. State Street Corp lifted its stake in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after acquiring an additional 28,864 shares during the last quarter. FMR LLC grew its holdings in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Spotify Technology by 19.0% in the 3rd quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock valued at $361,159,000 after purchasing an additional 156,300 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 1.0 %

Shares of SPOT opened at $447.38 on Thursday. The firm has a market cap of $89.05 billion, a P/E ratio of 121.57 and a beta of 1.61. Spotify Technology has a 12 month low of $185.37 and a 12 month high of $506.47. The stock’s 50 day moving average is $448.52 and its two-hundred day moving average is $376.72.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 EPS. Equities research analysts forecast that Spotify Technology will post 6.02 EPS for the current year.

About Spotify Technology

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.