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

Shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) have earned a consensus rating of “Moderate Buy” from the twenty-three ratings firms that are currently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $131.77.

Several equities analysts have issued reports on SPOT shares. Bank of America upped their target price on shares of Spotify Technology from $120.00 to $143.00 in a research note on Friday, March 10th. Morgan Stanley upped their target price on shares of Spotify Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. Rosenblatt Securities upped their target price on shares of Spotify Technology from $87.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, February 1st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Spotify Technology from $100.00 to $105.00 in a research note on Monday, January 30th. Finally, Redburn Partners raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $140.00 price target for the company in a research report on Wednesday, March 1st.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the company. Barclays PLC increased its stake in shares of Spotify Technology by 35.7% during the third quarter. Barclays PLC now owns 239,894 shares of the company’s stock valued at $20,703,000 after buying an additional 63,127 shares during the period. Privium Fund Management B.V. grew its stake in Spotify Technology by 34.0% in the third quarter. Privium Fund Management B.V. now owns 262,700 shares of the company’s stock valued at $22,813,000 after purchasing an additional 66,600 shares during the last quarter. Cantor Fitzgerald L. P. purchased a new position in Spotify Technology in the third quarter valued at about $351,000. Twin Lakes Capital Management LLC purchased a new position in Spotify Technology in the third quarter valued at about $34,000. Finally, SRS Investment Management LLC grew its stake in Spotify Technology by 74.4% in the second quarter. SRS Investment Management LLC now owns 325,924 shares of the company’s stock valued at $30,581,000 after purchasing an additional 139,044 shares during the last quarter. Hedge funds and other institutional investors own 52.80% of the company’s stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $129.21 on Friday. The firm’s 50-day moving average price is $112.98 and its 200-day moving average price is $95.22. The company has a market capitalization of $24.98 billion, a PE ratio of -41.82 and a beta of 1.75. Spotify Technology has a 1-year low of $69.29 and a 1-year high of $160.06.

Spotify Technology (NYSE:SPOT – Get Rating) last announced its quarterly earnings results on Tuesday, January 31st. The company reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.15). The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.26 billion. Spotify Technology had a negative return on equity of 17.78% and a negative net margin of 3.48%. Equities analysts anticipate that Spotify Technology will post -2.15 EPS for the current fiscal year.

About Spotify Technology

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Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.