Spotify Technology’s (SPOT) “Peer Perform” Rating Reiterated at Wolfe Research

Wolfe Research reiterated their peer perform rating on shares of Spotify Technology (NYSE:SPOT) in a report issued on Friday, Marketbeat.com reports.

Several other brokerages also recently weighed in on SPOT. UBS Group increased their price target on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday. Phillip Securities reissued an “accumulate” rating and set a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Pivotal Research upped their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Macquarie lifted their price objective on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $441.21.

Spotify Technology Trading Down 0.9 %

NYSE:SPOT opened at $486.07 on Friday. The firm has a fifty day simple moving average of $467.11 and a 200-day simple moving average of $388.20. Spotify Technology has a 12 month low of $200.81 and a 12 month high of $506.47. The company has a market capitalization of $96.75 billion, a P/E ratio of 132.08 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. Equities analysts forecast that Spotify Technology will post 5.96 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of SPOT. Verde Capital Management grew its holdings in Spotify Technology by 9.4% in the 4th quarter. Verde Capital Management now owns 8,274 shares of the company’s stock valued at $3,702,000 after buying an additional 709 shares in the last quarter. Avior Wealth Management LLC boosted its position in shares of Spotify Technology by 58.0% during the 4th quarter. Avior Wealth Management LLC now owns 444 shares of the company’s stock valued at $199,000 after acquiring an additional 163 shares during the last quarter. Raleigh Capital Management Inc. grew its holdings in shares of Spotify Technology by 20.1% in the fourth quarter. Raleigh Capital Management Inc. now owns 454 shares of the company’s stock valued at $203,000 after purchasing an additional 76 shares during the period. Wesbanco Bank Inc. increased its position in Spotify Technology by 18.4% during the fourth quarter. Wesbanco Bank Inc. now owns 6,582 shares of the company’s stock worth $2,945,000 after purchasing an additional 1,021 shares during the last quarter. Finally, Finley Financial LLC purchased a new position in Spotify Technology during the fourth quarter worth about $95,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.