Spotify Technology S.A. (NYSE:SPOT) Forecasted to Post FY2022 Earnings of ($2.51) Per Share
Spotify Technology S.A. (NYSE:SPOT - Get Rating) - Jefferies Financial Group boosted their FY2022 earnings per share estimates for Spotify Technology in a report released on Thursday, January 12th. Jefferies Financial Group analyst A. Uerkwitz now forecasts that the company will post earnings per share of ($2.51) for the year, up from their previous estimate of ($2.74). Jefferies Financial Group has a "Hold" rating and a $95.00 price objective on the stock. The consensus estimate for Spotify Technology's current full-year earnings is ($2.60) per share. Jefferies Financial Group also issued estimates for Spotify Technology's Q4 2022 earnings at ($0.88) EPS, FY2023 earnings at ($1.42) EPS, FY2024 earnings at ($1.18) EPS, FY2025 earnings at ($0.35) EPS and FY2026 earnings at $1.34 EPS.
Spotify Technology (NYSE:SPOT - Get Rating) last issued its earnings results on Tuesday, October 25th. The company reported ($0.99) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.11). The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.03 billion. Spotify Technology had a negative return on equity of 8.21% and a negative net margin of 1.62%.
A number of other equities research analysts also recently weighed in on the company. Canaccord Genuity Group lowered their target price on Spotify Technology from $175.00 to $150.00 in a report on Monday, October 24th. Truist Financial cut their target price on Spotify Technology from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Thursday, October 27th. Raymond James dropped their price target on Spotify Technology from $150.00 to $110.00 and set an "outperform" rating on the stock in a report on Wednesday, October 26th. JPMorgan Chase & Co. lowered their target price on Spotify Technology from $155.00 to $130.00 and set an "overweight" rating on the stock in a research note on Friday, October 21st. Finally, Citigroup decreased their price objective on Spotify Technology from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Thursday, October 27th. Thirteen investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $142.44.
Spotify Technology Stock Performance
Shares of SPOT stock opened at $92.06 on Monday. The company has a market cap of $17.69 billion, a P/E ratio of -48.45 and a beta of 1.66. The stock has a 50 day simple moving average of $79.29 and a two-hundred day simple moving average of $93.24. Spotify Technology has a fifty-two week low of $69.29 and a fifty-two week high of $226.40.
Hedge Funds Weigh In On Spotify Technology
A number of institutional investors and hedge funds have recently modified their holdings of the company. Titleist Asset Management LTD. boosted its stake in shares of Spotify Technology by 0.3% in the 4th quarter. Titleist Asset Management LTD. now owns 41,326 shares of the company's stock worth $3,263,000 after buying an additional 136 shares during the last quarter. Accuvest Global Advisors purchased a new position in shares of Spotify Technology in the 4th quarter worth $1,425,000. Perigon Wealth Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $473,000. WealthPlan Investment Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $1,808,000. Finally, Harspring Capital Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $2,158,000. 52.80% of the stock is currently owned by hedge funds and other institutional investors.
About Spotify Technology
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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