Spotify Technology (NYSE:SPOT) Research Coverage Started at Citizens Jmp

by · The Cerbat Gem

Citizens Jmp started coverage on shares of Spotify Technology (NYSE:SPOT – Free Report) in a research report released on Wednesday, Marketbeat reports. The firm issued a market outperform rating and a $800.00 target price on the stock.

A number of other research firms also recently issued reports on SPOT. Benchmark upped their target price on shares of Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Pivotal Research dropped their price target on shares of Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. BNP Paribas Exane initiated coverage on shares of Spotify Technology in a report on Tuesday, September 16th. They issued an “outperform” rating and a $900.00 price objective on the stock. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Cantor Fitzgerald upped their target price on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $760.23.

View Our Latest Analysis on Spotify Technology

Spotify Technology Stock Performance

Shares of SPOT opened at $582.39 on Wednesday. The firm has a market capitalization of $119.91 billion, a price-to-earnings ratio of 91.57, a PEG ratio of 1.86 and a beta of 1.66. The business’s fifty day moving average price is $620.98 and its two-hundred day moving average price is $674.28. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT – Get Free Report) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the previous year, the company posted $1.45 earnings per share. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp lifted its holdings in Spotify Technology by 1.1% during the third quarter. State Street Corp now owns 4,622,298 shares of the company’s stock worth $3,226,364,000 after acquiring an additional 48,070 shares in the last quarter. Capital World Investors raised its position in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Spotify Technology by 4.6% during the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after purchasing an additional 113,612 shares in the last quarter. Coatue Management LLC lifted its holdings in shares of Spotify Technology by 13.3% during the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after purchasing an additional 212,006 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Spotify Technology by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock valued at $1,192,730,000 after purchasing an additional 49,377 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

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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.

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