Spotify Technology (NYSE:SPOT) was downgraded by stock analysts at Nordea Equity Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, The Fly reports.
A number of other research firms also recently commented on SPOT. Monness Crespi & Hardt boosted their price objective on Spotify Technology from $310.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, December 30th. Wells Fargo & Company dropped their price objective on Spotify Technology from $215.00 to $200.00 and set an “underweight” rating on the stock in a research note on Monday, November 2nd. Zacks Investment Research downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Thursday, January 7th. Cfra raised Spotify Technology from a “hold” rating to a “buy” rating and set a $282.00 price objective on the stock in a research note on Wednesday, November 4th. Finally, Smith Barney Citigroup lowered Spotify Technology from a “neutral” rating to a “sell” rating in a research report on Friday, January 15th. Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the stock. Spotify Technology has a consensus rating of “Hold” and a consensus price target of $265.59.
Shares of SPOT stock opened at $337.01 on Wednesday. Spotify Technology has a 1 year low of $109.18 and a 1 year high of $370.95. The stock has a fifty day moving average of $330.47 and a two-hundred day moving average of $278.40. The firm has a market capitalization of $60.41 billion, a PE ratio of -79.11 and a beta of 1.64.
Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Thursday, October 29th. The company reported ($0.58) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.67) by $0.09. Spotify Technology had a negative return on equity of 30.46% and a negative net margin of 8.73%. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, analysts predict that Spotify Technology will post -3.71 EPS for the current year.
Several institutional investors have recently made changes to their positions in SPOT. Institutional & Family Asset Management LLC lifted its holdings in shares of Spotify Technology by 131.1% during the 3rd quarter. Institutional & Family Asset Management LLC now owns 104 shares of the company’s stock valued at $25,000 after buying an additional 59 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Spotify Technology during the 3rd quarter valued at about $25,000. IFP Advisors Inc raised its stake in shares of Spotify Technology by 113.2% in the 3rd quarter. IFP Advisors Inc now owns 113 shares of the company’s stock valued at $26,000 after acquiring an additional 60 shares in the last quarter. Benjamin Edwards Inc. raised its stake in shares of Spotify Technology by 142.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 114 shares of the company’s stock valued at $28,000 after acquiring an additional 67 shares in the last quarter. Finally, Hexagon Capital Partners LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds own 55.93% of the company’s stock.
About Spotify Technology
Spotify Technology SA, together with its subsidiaries, provides audio streaming services in the United States, the United Kingdom, Luxembourg, and internationally. It operates through two segments, Premium and Ad-Supported. The company offers unlimited online and offline high-quality streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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