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

Spotify Technology S.A. (NYSE:SPOT) has earned an average recommendation of “Moderate Buy” from the thirty analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and twenty-three have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $359.14.

Several brokerages have recently weighed in on SPOT. Evercore ISI upped their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. UBS Group increased their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Pivotal Research raised their price objective on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday. Finally, TD Cowen boosted their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th.

Spotify Technology Stock Up 1.4 %

Shares of NYSE:SPOT opened at $365.17 on Tuesday. The business’s 50 day moving average is $331.49 and its 200 day moving average is $307.39. The stock has a market cap of $72.69 billion, a P/E ratio of -545.02 and a beta of 1.57. Spotify Technology has a 52-week low of $145.76 and a 52-week high of $368.29. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter last year, the firm posted ($1.69) earnings per share. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. Sell-side analysts predict that Spotify Technology will post 6.31 EPS for the current year.

Institutional Trading of Spotify Technology

A number of hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Spotify Technology by 4,605.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 38,300 shares of the company’s stock valued at $12,018,000 after acquiring an additional 37,486 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $667,000. American Trust boosted its holdings in Spotify Technology by 38.1% during the second quarter. American Trust now owns 1,547 shares of the company’s stock worth $485,000 after buying an additional 427 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Spotify Technology in the second quarter valued at $2,074,000. Finally, Maven Securities LTD purchased a new position in Spotify Technology in the second quarter valued at $284,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.