Spotify Technology (NYSE:SPOT) Receives $706.42 Average PT from Brokerages

Shares of Spotify Technology (NYSE:SPOT) have been given a consensus recommendation of “Moderate Buy” by the thirty-five ratings firms that are covering the firm, MarketBeat Ratings reports. Nine analysts have rated the stock with a hold recommendation, twenty-four have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $698.9063.

Several brokerages have recently issued reports on SPOT. Guggenheim reduced their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. UBS Group decreased their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Finally, KeyCorp lowered their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th.

Spotify Technology Stock Performance

NYSE SPOT opened at $507.35 on Tuesday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company has a 50-day simple moving average of $511.17 and a 200-day simple moving average of $605.67. The firm has a market capitalization of $104.43 billion, a PE ratio of 52.63, a price-to-earnings-growth ratio of 1.12 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.88 earnings per share. Equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of SPOT. Knuff & Co LLC bought a new position in shares of Spotify Technology in the second quarter valued at approximately $27,000. Total Investment Management Inc. acquired a new stake in Spotify Technology in the second quarter worth approximately $29,000. Heartwood Wealth Advisors LLC bought a new position in Spotify Technology during the 3rd quarter valued at $27,000. Greykasell Wealth Strategies Inc. increased its position in shares of Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the period. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in shares of Spotify Technology in the 3rd quarter worth $26,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.