Spotify Technology SA (NYSE:SPOT – Get Rating ) – Analysts at KeyCorp dropped their Q3 2022 EPS estimates for Spotify Technology in a research report issued to clients and investors on Wednesday, July 27th. KeyCorp analyst J. Patterson now forecasts that the company will post earnings per share of ($0.74) for the quarter, down from their prior estimate of ($0.51). KeyCorp has a “Hold” rating on the stock. The consensus estimate for Spotify Technology’s current full-year earnings is ($0.78) per share. KeyCorp also issued estimates for Spotify Technology’s Q4 2022 earnings at ($0.91) EPS, FY2022 earnings at ($1.62) EPS and FY2023 earnings at ($1.12) EPS.
Spotify Technology (NYSE:SPOT – Get Rating ) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.17). The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.82 billion. Spotify Technology has a return on equity of 3.02% and a net margin of 0.68%. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.23) earnings per share.
A number of other brokerages have also recently weighed in on SPOT. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $101.00 to $118.00 and gave the stock a “neutral” rating in a research report on Thursday. Morgan Stanley cut their target price on shares of Spotify Technology from $170.00 to $140.00 and set an “overweight” rating on the stock in a research report on Monday, July 25th. UBS Group decreased their target price on shares of Spotify Technology from $185.00 to $142.00 and set a “neutral” rating on the stock in a research report on Thursday. Wells Fargo & Company raised shares of Spotify Technology from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $101.00 to $124.00 in a research report on Wednesday, June 15th. Finally, Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $235.00 to $110.00 in a research report on Thursday, April 28th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the stock. Spotify Technology currently has a consensus rating of “Hold” and an average target price of $183.65, according to MarketBeat.com.
Shares of Spotify Technology fell 1.4%
Shares of NYSE SPOT opened at $113.02 on Monday. The company’s fifty day moving average is $105.68 and its 200 day moving average is $130.83. The stock has a market cap of $21.50 billion, a price-to-earnings ratio of -159.18 and a beta of 1.79. Spotify Technology has a twelve month low of $89.03 and a twelve month high of $305.60.
Institutional inflows and outflows
Several institutional investors have recently modified their holdings of the company. Fifth Third Bancorp boosted its stake in shares of Spotify Technology by 55.0% in the 4th quarter. Fifth Third Bancorp now owns 155 shares of the company’s stock valued at $36,000 after buying an additional 55 shares during the last quarter. Commerce Bank boosted its stake in Spotify Technology by 4.0% in the fourth quarter. Commerce Bank now owns 1,798 shares of the company’s stock valued at $421,000 after buying an additional 69 shares during the last quarter. Baldwin Brothers LLC MA boosted its stake in Spotify Technology by 41.5% in the first quarter. Baldwin Brothers LLC MA now owns 283 shares of the company’s stock valued at $43,000 after buying an additional 83 shares during the last quarter. Beacon Investment Advisory Services Inc. raised its stake in Spotify Technology by 4.4% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 2,037 shares of the company’s stock valued at $477,000 after buying an additional 86 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in Spotify Technology by 9.5% in the 4th quarter. Pacer Advisors Inc. now owns 1,063 shares of the company’s stock valued at $249,000 after buying an additional 92 shares in the last quarter. 56.36% of the shares are currently owned by institutional investors and hedge funds.
Spotify Technology Company Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It works through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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