Spotify Technology (NYSE:SPOT) Earns Market Outperform Rating from Analysts at Citizens Jmp

Stock analysts at Citizens Jmp started coverage on shares of Spotify Technology (NYSE:SPOT) in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage set a “market outperform” rating and a $800.00 price target on the stock. Citizens Jmp’s price objective indicates a potential upside of 38.10% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday. BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Finally, Citigroup raised their price objective on Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Price Performance

SPOT stock opened at $579.30 on Wednesday. The stock has a market capitalization of $119.27 billion, a P/E ratio of 91.08, a P/E/G ratio of 1.91 and a beta of 1.66. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The business has a 50-day moving average of $627.37 and a 200-day moving average of $676.45.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The business had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.Spotify Technology’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 EPS. Equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology in the 2nd quarter valued at about $27,000. Total Investment Management Inc. bought a new position in Spotify Technology during the second quarter worth about $29,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology during the third quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. raised its stake in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the period. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology in the third quarter valued at approximately $26,000. Institutional investors 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.