Spotify Technology SA is expected to earn earnings of ($0.74) per share for the third quarter of 2022 (NYSE:SPOT)

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.

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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

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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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Spotify Technology (NYSE:SPOT) Earnings History and Forecasts

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