Wolfe Research Reiterates Peer Perform Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT)‘s stock had its “peer perform” rating reiterated by stock analysts at Wolfe Research in a research report issued to clients and investors on Friday,Benzinga reports.

Several other equities analysts have also commented on the company. Deutsche Bank Aktiengesellschaft upped their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. KeyCorp increased their target price on shares of Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. Barclays boosted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Finally, Morgan Stanley upped their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Stock Down 0.1 %

NYSE SPOT opened at $490.08 on Friday. Spotify Technology has a 52 week low of $191.88 and a 52 week high of $506.47. The business’s fifty day simple moving average is $465.30 and its 200-day simple moving average is $387.49. The firm has a market cap of $97.55 billion, a PE ratio of 133.17 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Research analysts expect that Spotify Technology will post 5.96 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. WCM Investment Management LLC raised its position in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC lifted its position in Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares during the period. Sei Investments Co. grew its stake in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the last quarter. FMR LLC increased its holdings in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Spotify Technology by 3,948.3% during the third quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock worth $97,329,000 after purchasing an additional 257,706 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.