Spotify Technology S.A. (NYSE:SPOT) Given Average Rating of “Hold” by Analysts

Spotify Technology S.A. (NYSE:SPOT - Get Rating) has been given a consensus recommendation of "Hold" by the twenty-eight ratings firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and thirteen have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $247.27.

A number of analysts recently commented on SPOT shares. Wolfe Research lowered their price objective on Spotify Technology from $260.00 to $220.00 and set a "peer perform" rating for the company in a research report on Thursday, February 3rd. Canaccord Genuity Group lowered their price objective on Spotify Technology from $300.00 to $250.00 and set a "buy" rating for the company in a research report on Thursday, February 3rd. Benchmark started coverage on Spotify Technology in a research report on Wednesday, November 24th. They issued a "buy" rating and a $300.00 price objective for the company. Jefferies Financial Group reduced their target price on Spotify Technology from $358.00 to $275.00 and set a "buy" rating on the stock in a report on Thursday, February 3rd. Finally, Credit Suisse Group reduced their target price on Spotify Technology from $270.00 to $238.00 and set a "neutral" rating on the stock in a report on Thursday, February 3rd.

Shares of SPOT stock opened at $135.17 on Monday. The stock has a fifty day moving average price of $189.24 and a 200 day moving average price of $225.98. Spotify Technology has a one year low of $134.09 and a one year high of $305.60. The stock has a market cap of $25.71 billion, a P/E ratio of -108.14 and a beta of 1.63.

Spotify Technology (NYSE:SPOT - Get Rating) last released its quarterly earnings data on Wednesday, February 2nd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.21. Spotify Technology had a negative return on equity of 1.27% and a negative net margin of 0.34%. The firm had revenue of $2.69 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period in the prior year, the company posted ($0.79) earnings per share. The business's revenue for the quarter was up 24.0% compared to the same quarter last year. Research analysts anticipate that Spotify Technology will post 0.06 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the stock. Vienna Asset Management LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth approximately $531,000. JustInvest LLC boosted its stake in Spotify Technology by 47.6% in the 4th quarter. JustInvest LLC now owns 1,759 shares of the company's stock valued at $412,000 after purchasing an additional 567 shares during the period. BlackRock Inc. boosted its stake in Spotify Technology by 3.7% in the 4th quarter. BlackRock Inc. now owns 3,805,127 shares of the company's stock valued at $890,513,000 after purchasing an additional 136,459 shares during the period. Vident Investment Advisory LLC boosted its stake in Spotify Technology by 3.6% in the 4th quarter. Vident Investment Advisory LLC now owns 10,330 shares of the company's stock valued at $2,418,000 after purchasing an additional 356 shares during the period. Finally, Weiss Multi Strategy Advisers LLC bought a new stake in Spotify Technology in the 4th quarter valued at $4,176,000. 56.36% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology (Get Rating)

Spotify Technology SA is a digital music service offering music fans instant access to a world of music. The company operates through the following segments: Premium and Ad-Supported. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices, users can connect through speakers, receivers, televisions, cars, game consoles, and smart watches.

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