Spotify Technology’s (SPOT) “Peer Perform” Rating Reaffirmed at Wolfe Research

Wolfe Research reissued their peer perform rating on shares of Spotify Technology (NYSE:SPOT) in a research note published on Friday morning, MarketBeat.com reports.

Other analysts have also recently issued reports about the stock. Morgan Stanley upped their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. TD Cowen raised their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, KeyCorp increased their target price on shares of Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Stock Down 0.9 %

Shares of SPOT stock opened at $486.07 on Friday. The company’s fifty day simple moving average is $467.11 and its two-hundred day simple moving average is $388.20. Spotify Technology has a 52 week low of $200.81 and a 52 week high of $506.47. The stock has a market cap of $96.75 billion, a P/E ratio of 132.08 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the business posted $0.36 earnings per share. On average, analysts anticipate that Spotify Technology will post 5.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds have recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the third quarter valued at approximately $26,000. Benjamin Edwards Inc. increased its position in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $33,000. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in Spotify Technology during the 3rd quarter worth $40,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Company Profile

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.