Spotify Technology (NYSE:SPOT) Announces Earnings Results

Spotify Technology (NYSE:SPOTGet Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01, MarketWatch Earnings reports. Spotify Technology had a negative return on equity of 32.26% and a negative net margin of 5.70%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned ($1.43) EPS. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. Spotify Technology updated its Q1 2024 guidance to EPS.

Spotify Technology Price Performance

SPOT stock opened at $231.97 on Wednesday. The firm has a 50 day moving average price of $199.44 and a 200-day moving average price of $171.40. Spotify Technology has a 52-week low of $114.64 and a 52-week high of $248.67. The firm has a market capitalization of $45.27 billion, a price-to-earnings ratio of -57.99 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.27 and a current ratio of 1.27.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently made changes to their positions in the business. Captrust Financial Advisors grew its position in Spotify Technology by 0.3% in the 2nd quarter. Captrust Financial Advisors now owns 34,504 shares of the company’s stock worth $5,540,000 after purchasing an additional 98 shares during the period. First Manhattan Co. grew its position in Spotify Technology by 65.8% in the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after purchasing an additional 100 shares during the period. Quarry LP bought a new stake in Spotify Technology in the 2nd quarter worth approximately $35,000. Cetera Investment Advisers grew its position in Spotify Technology by 2.9% in the 1st quarter. Cetera Investment Advisers now owns 8,063 shares of the company’s stock worth $1,218,000 after purchasing an additional 228 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its position in Spotify Technology by 5.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 5,591 shares of the company’s stock worth $747,000 after purchasing an additional 312 shares during the period. 56.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research reports. Morgan Stanley boosted their price objective on Spotify Technology from $200.00 to $230.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 5th. Citigroup reaffirmed a “neutral” rating and set a $190.00 price target on shares of Spotify Technology in a research note on Friday, December 1st. UBS Group raised Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $170.00 to $274.00 in a report on Tuesday, January 30th. TD Cowen initiated coverage on Spotify Technology in a report on Monday, October 23rd. They issued a “market perform” rating and a $129.00 target price for the company. Finally, Truist Financial increased their price objective on Spotify Technology from $176.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.39.

Read Our Latest Report on Spotify Technology

About Spotify Technology

(Get Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.

Further Reading

Earnings History for Spotify Technology (NYSE:SPOT)

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