Spotify Technology (NYSE:SPOT) Coverage Initiated at Moffett Nathanson

Research analysts at Moffett Nathanson initiated coverage on shares of Spotify Technology (NYSE:SPOT) in a research note issued on Tuesday. The brokerage set a “neutral” rating and a $487.00 price target on the stock. Moffett Nathanson’s price target indicates a potential downside of 4.88% from the company’s current price.

SPOT has been the subject of several other research reports. Barclays lowered their price target on shares of Spotify Technology from $700.00 to $625.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. JPMorgan Chase & Co. increased their target price on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $735.00 to $700.00 in a research note on Friday. Finally, Guggenheim cut their target price on Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $730.94.

Spotify Technology Stock Down 0.2%

Shares of NYSE SPOT opened at $511.98 on Tuesday. Spotify Technology has a twelve month low of $475.01 and a twelve month high of $785.00. The firm has a market cap of $105.41 billion, a PE ratio of 80.50, a price-to-earnings-growth ratio of 0.97 and a beta of 1.66. The business has a fifty day simple moving average of $566.93 and a two-hundred day simple moving average of $642.28.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the previous year, the company posted $1.45 earnings per share. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. On average, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several large investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $768,915,000. Capital World Investors lifted its position in Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after acquiring an additional 789,755 shares during the period. Capital Research Global Investors purchased a new stake in Spotify Technology during the 3rd quarter valued at about $512,190,000. Principal Financial Group Inc. grew its stake in Spotify Technology by 3,534.9% during the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after purchasing an additional 555,752 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock valued at $1,909,920,000 after purchasing an additional 460,115 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.