Spotify Technology (SPOT) to Release Earnings on Tuesday

Spotify Technology (NYSE:SPOT) will be announcing its earnings results before the market opens on Tuesday, April 23rd. Analysts expect the company to announce earnings of $0.69 per share for the quarter. Spotify Technology has set its Q1 2024 guidance at EPS.Investors interested in listening to the company’s conference call can do so using this link.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the firm posted ($1.43) earnings per share. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, analysts expect Spotify Technology to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Spotify Technology Trading Down 4.6 %

Shares of Spotify Technology stock opened at $275.83 on Friday. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $313.16. The company has a market cap of $54.70 billion, a price-to-earnings ratio of -93.19 and a beta of 1.63. The company’s 50-day moving average price is $266.94 and its 200-day moving average price is $214.58.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new stake in Spotify Technology in the second quarter worth $35,000. LM Advisors LLC purchased a new stake in Spotify Technology in the fourth quarter worth $37,000. First Manhattan Co. lifted its stake in Spotify Technology by 65.8% in the first quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after acquiring an additional 100 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Spotify Technology in the first quarter worth $69,000. Finally, Covestor Ltd lifted its stake in Spotify Technology by 6,155.6% in the first quarter. Covestor Ltd now owns 563 shares of the company’s stock worth $85,000 after acquiring an additional 554 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SPOT shares. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Benchmark increased their price target on shares of Spotify Technology from $290.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday. HSBC began coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 price objective on the stock. Morgan Stanley upped their price objective on shares of Spotify Technology from $250.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Finally, Bank of America upped their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $265.24.

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.