Brokers Issue Forecasts for SPOT FY2028 Earnings

Spotify Technology (NYSE:SPOT) – Analysts at KeyCorp issued their FY2028 earnings estimates for shares of Spotify Technology in a research report issued on Thursday, July 23rd. KeyCorp analyst J. Patterson anticipates that the company will post earnings per share of $27.06 for the year. KeyCorp has a “Overweight” rating and a $680.00 price target on the stock. The consensus estimate for Spotify Technology’s current full-year earnings is $14.46 per share.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 earnings per share.

Several other research firms also recently weighed in on SPOT. Citizens Jmp upped their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Canaccord Genuity Group lowered their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Barclays increased their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, Pivotal Research decreased their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology Stock Up 3.5%

SPOT opened at $512.11 on Wednesday. The firm’s fifty day simple moving average is $484.06 and its two-hundred day simple moving average is $486.68. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The company has a market cap of $105.43 billion, a price-to-earnings ratio of 40.81, a PEG ratio of 1.23 and a beta of 1.56.

Insider Activity

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock valued at $54,757,553 in the last 90 days. 0.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. JPL Wealth Management LLC acquired a new stake in Spotify Technology during the third quarter worth about $35,000. Kemnay Advisory Services Inc. acquired a new position in Spotify Technology in the 4th quarter valued at about $32,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $35,000. Osbon Capital Management LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $35,000. Finally, Wilmington Savings Fund Society FSB increased its holdings in shares of Spotify Technology by 85.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after buying an additional 30 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Key Stories Impacting Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: KeyCorp maintains an Overweight rating and $680 price target. The firm projects Spotify will earn $27.06 per share in FY2028, well above its current-year consensus estimate of $14.46, signaling confidence in the company’s long-term earnings growth.
• Positive Sentiment: Potentially strong user growth is supporting the investment case. A Q2 preview argues that Spotify’s shares look attractive and expects solid user additions, which could help offset concerns about previously cautious second-quarter guidance. Spotify Q2 Preview: Expecting Strong User Growth, Shares Attractive
• Positive Sentiment: Spotify is expanding engagement through Snapchat. Snapchat’s new real-time music-sharing integration could increase Spotify content discovery and listening, although the near-term financial contribution is uncertain. Snapchat introduces real-time music sharing through Spotify integration
• Neutral Sentiment: Q2 results are scheduled for August 4. Investors are likely to watch subscriber growth, advertising trends, margins and management’s outlook, particularly because Spotify’s prior Q1 report included softer-than-expected Q2 guidance.
• Neutral Sentiment: Recent market coverage notes that Spotify has outperformed the broader market in the latest session, but the move appears more related to positioning and expectations ahead of earnings than to a new fundamental result. Spotify Rises Higher Than Market: Key Facts
• Negative Sentiment: KeyCorp lowered several near- and medium-term EPS forecasts. Its estimates fell to $3.78 for Q2 2026, $4.03 for Q3, $4.92 for Q4, $16.64 for FY2026 and $21.61 for FY2027. Erste Group also trimmed its FY2027 estimate to $17.60, indicating some pressure on earnings expectations.
• Negative Sentiment: Pre-earnings indicators are mixed. Zacks says Spotify lacks the combination of factors typically associated with a likely earnings beat, increasing the risk of volatility around the August report. Spotify Earnings Expected to Grow: Should You Buy?

Spotify Technology Company Profile

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.