Spotify Technology (SPOT) Scheduled to Post Earnings on Tuesday

Spotify Technology (NYSE:SPOT) will release its earnings data before the market opens on Tuesday, April 23rd. Analysts expect Spotify Technology to post earnings of $0.69 per share for the quarter. Spotify Technology has set its Q1 2024 guidance at EPS.Investors that wish to register for the company’s conference call can do so using this link.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company earned ($1.43) EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, analysts expect Spotify Technology to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $290.52 on Tuesday. The company’s fifty day moving average is $262.87 and its 200-day moving average is $211.24. The company has a market capitalization of $57.62 billion, a PE ratio of -98.15 and a beta of 1.63. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $313.16.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Cetera Advisor Networks LLC lifted its stake in Spotify Technology by 142.4% in the 1st quarter. Cetera Advisor Networks LLC now owns 3,071 shares of the company’s stock valued at $464,000 after buying an additional 1,804 shares in the last quarter. Private Advisor Group LLC lifted its holdings in Spotify Technology by 19.8% during the 1st quarter. Private Advisor Group LLC now owns 4,909 shares of the company’s stock worth $741,000 after buying an additional 811 shares in the last quarter. BlackRock Inc. lifted its holdings in Spotify Technology by 6.3% during the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock worth $611,049,000 after buying an additional 241,026 shares in the last quarter. Cibc World Market Inc. raised its holdings in shares of Spotify Technology by 22.4% in the 1st quarter. Cibc World Market Inc. now owns 4,823 shares of the company’s stock valued at $728,000 after purchasing an additional 883 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Spotify Technology by 68.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 190,255 shares of the company’s stock valued at $28,735,000 after purchasing an additional 77,379 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SPOT shares. UBS Group upped their price target on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 5th. KeyCorp upped their price target on Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday. Rosenblatt Securities upped their price target on Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, Bank of America increased their price objective on Spotify Technology from $265.00 to $315.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.16.

About Spotify Technology

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.