Moffett Nathanson Initiates Coverage on Spotify Technology (NYSE:SPOT)

Moffett Nathanson began coverage on shares of Spotify Technology (NYSE:SPOT) in a report issued on Tuesday. The brokerage set a “neutral” rating and a $487.00 price target on the stock. Moffett Nathanson’s price objective indicates a potential downside of 4.88% from the stock’s current price.

A number of other equities research analysts have also weighed in on SPOT. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Cantor Fitzgerald dropped their price objective on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. Wells Fargo & Company lowered their price target on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Finally, DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $730.94.

Spotify Technology Stock Down 0.2%

Shares of SPOT stock opened at $511.98 on Tuesday. The business has a 50-day moving average price of $566.93 and a two-hundred day moving average price of $642.28. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00. The firm has a market cap of $105.41 billion, a P/E ratio of 80.50, a price-to-earnings-growth ratio of 0.97 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating the consensus estimate of $1.87 by $1.96. The firm 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%.The company’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.45 EPS. As a group, research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Helios Capital Management PTE. Ltd. increased its stake in Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after purchasing an additional 2,700 shares during the period. Generali Asset Management SPA SGR grew its holdings in shares of Spotify Technology by 30.9% in the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after purchasing an additional 16,054 shares during the last quarter. Cynosure Group LLC purchased a new position in Spotify Technology in the 3rd quarter worth about $2,862,000. Commonwealth Equity Services LLC lifted its holdings in Spotify Technology by 12.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock valued at $13,036,000 after buying an additional 2,032 shares in the last quarter. Finally, Elite Wealth Management Inc. bought a new stake in Spotify Technology during the 3rd quarter valued at about $3,179,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.