Spotify Technology (NYSE:SPOT) Raised to Strong-Buy at Sanford C. Bernstein

Spotify Technology (NYSE:SPOT) was upgraded by equities researchers at Sanford C. Bernstein to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on the company. Canaccord Genuity Group increased their price objective on Spotify Technology from $700.00 to $775.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. Barclays decreased their price objective on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Rosenblatt Securities reduced their price target on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Redburn Atlantic began coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. Finally, Macquarie increased their price target on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Stock Performance

NYSE:SPOT opened at $701.52 on Tuesday. The company has a market cap of $143.61 billion, a PE ratio of 117.90 and a beta of 1.72. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $708.19. The stock has a 50-day simple moving average of $606.47 and a 200 day simple moving average of $554.79.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.97 earnings per share. On average, research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC increased its stake in Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock worth $1,939,949,000 after acquiring an additional 112,553 shares during the period. FMR LLC increased its stake in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after acquiring an additional 473,569 shares during the period. Schroder Investment Management Group increased its stake in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after acquiring an additional 7,075 shares during the period. Finally, GQG Partners LLC bought a new position in Spotify Technology during the 4th quarter worth $800,725,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.