Spotify Technology S.A. (NYSE:SPOT – Get Rating) has received an average rating of "Hold" from the twenty-nine analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $183.42.
Several analysts have weighed in on the company. Bank of America lifted their price objective on Spotify Technology from $137.00 to $164.00 and gave the company a "buy" rating in a research report on Thursday, June 9th. UBS Group lowered their price objective on Spotify Technology from $185.00 to $142.00 and set a "neutral" rating on the stock in a research report on Thursday, July 28th. Raymond James upgraded shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $150.00 target price for the company in a research note on Monday, June 6th. JPMorgan Chase & Co. decreased their target price on shares of Spotify Technology from $150.00 to $145.00 and set an "overweight" rating for the company in a research note on Wednesday, June 29th. Finally, Rosenblatt Securities decreased their target price on shares of Spotify Technology from $118.00 to $112.00 and set a "neutral" rating for the company in a research note on Wednesday, September 7th.
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Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. lifted its holdings in shares of Spotify Technology by 12.8% in the 2nd quarter. Baillie Gifford & Co. now owns 26,199,637 shares of the company's stock valued at $2,458,313,000 after acquiring an additional 2,971,063 shares during the last quarter. ARK Investment Management LLC raised its position in Spotify Technology by 9.3% in the 1st quarter. ARK Investment Management LLC now owns 4,388,330 shares of the company's stock worth $662,726,000 after purchasing an additional 373,446 shares during the period. BlackRock Inc. raised its position 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. Alecta Tjanstepension Omsesidigt raised its position in Spotify Technology by 7.7% in the 2nd quarter. Alecta Tjanstepension Omsesidigt now owns 2,785,600 shares of the company's stock worth $261,484,000 after purchasing an additional 200,000 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Spotify Technology in the 1st quarter worth about $321,888,000. Institutional investors own 55.32% of the company's stock.
Spotify Technology Price Performance
Spotify Technology stock opened at $92.45 on Friday. Spotify Technology has a one year low of $89.03 and a one year high of $305.60. The business has a fifty day moving average price of $110.19 and a 200-day moving average price of $114.81. The firm has a market capitalization of $17.59 billion, a P/E ratio of -66.51 and a beta of 1.81.
Spotify Technology (NYSE:SPOT – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.23). The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.82 billion. Spotify Technology had a negative return on equity of 1.15% and a negative net margin of 0.24%. The company's revenue for the quarter was up 22.9% on a year-over-year basis. During the same period last year, the firm earned ($0.23) EPS. Sell-side analysts expect that Spotify Technology will post -2.03 earnings per share for the current fiscal year.
Spotify Technology Company Profile
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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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