Spotify Technology (SPOT) to Release Quarterly Earnings on Tuesday

Spotify Technology (NYSE:SPOT) is scheduled to 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.Persons that are interested in registering for the company’s earnings conference call can do so using this link.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned ($1.43) earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. 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 Stock Performance

Shares of NYSE:SPOT opened at $275.83 on Monday. The stock has a 50 day moving average price of $266.94 and a 200-day moving average price of $214.97. The firm has a market capitalization of $54.71 billion, a P/E ratio of -93.19 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $313.16.

Analyst Ratings Changes

SPOT has been the subject of several research reports. Barclays boosted their price objective on shares of Spotify Technology from $270.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. Bank of America raised their target price on Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Raymond James upped their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Benchmark raised their price objective on shares of Spotify Technology from $290.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Macquarie reiterated an “outperform” rating and set a $300.00 price target (up previously from $232.00) on shares of Spotify Technology in a research note on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $265.24.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. BlackRock Inc. increased its holdings in shares of Spotify Technology by 6.3% during the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock worth $611,049,000 after buying an additional 241,026 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Spotify Technology by 0.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,733,909 shares of the company’s stock valued at $215,843,000 after acquiring an additional 10,302 shares during the period. State Street Corp lifted its holdings in shares of Spotify Technology by 0.6% in the 2nd quarter. State Street Corp now owns 1,567,721 shares of the company’s stock worth $251,698,000 after acquiring an additional 9,463 shares during the last quarter. Norges Bank purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $123,027,000. Finally, Point72 Asset Management L.P. increased its holdings in Spotify Technology by 1,069.2% in the 4th quarter. Point72 Asset Management L.P. now owns 630,004 shares of the company’s stock valued at $49,739,000 after purchasing an additional 695,004 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

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.