Erste Group Bank Analysts Boost Earnings Estimates for SPOT

by · The Markets Daily

Spotify Technology (NYSE:SPOT – Free Report) – Stock analysts at Erste Group Bank raised their FY2027 EPS estimates for shares of Spotify Technology in a note issued to investors on Tuesday, September 8th. Erste Group Bank analyst S. Lingnau now expects that the company will post earnings of $17.74 per share for the year, up from their previous estimate of $17.66. The consensus estimate for Spotify Technology’s current full-year earnings is $14.29 per share.

Spotify Technology (NYSE:SPOT – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.13). The company had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.42) earnings per share.

Several other equities analysts have also commented on SPOT. Citizens Jmp boosted their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Argus reaffirmed a “buy” rating and issued a $600.00 price objective on shares of Spotify Technology in a research report on Thursday, August 13th. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Morgan Stanley lifted their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $609.05.

Read Our Latest Research Report on SPOT

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $555.83 on Monday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $745.00. The company has a market capitalization of $114.43 billion, a price-to-earnings ratio of 34.61, a PEG ratio of 1.55 and a beta of 1.59. The business has a 50-day moving average of $510.28 and a 200-day moving average of $494.67.

Institutional Trading of Spotify Technology

A number of hedge funds have recently made changes to their positions in SPOT. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Spotify Technology during the second quarter worth $27,000. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at about $32,000. Whipplewood Advisors LLC boosted its holdings in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares during the period. Palladiem LLC bought a new stake in shares of Spotify Technology during the 1st quarter valued at about $34,000. Finally, Osbon Capital Management LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Activity

In related news, CEO Alex Norström sold 5,436 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the transaction, the chief executive officer owned 66,773 shares in the company, valued at approximately $33,526,723.30. The trade was a 7.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,833 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares of the company’s stock, valued at $9,692,918.55. This represents a 50.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 52,538 shares of company stock worth $25,878,250. Insiders own 0.40% of the company’s stock.

Spotify Technology Company Profile

(Get Free Report)

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.

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