Arete Research Upgrades Spotify Technology (NYSE:SPOT) to “Buy”

Spotify Technology (NYSE:SPOT) was upgraded by equities research analysts at Arete Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday,Finviz reports. The brokerage currently has a $586.00 target price on the stock. Arete Research’s price target indicates a potential upside of 26.45% from the stock’s current price.

Several other equities analysts have also weighed in on SPOT. Cantor Fitzgerald dropped their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Moffett Nathanson assumed coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price target on the stock. KeyCorp reduced their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research report on Monday, February 9th. Finally, Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $698.91.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $463.41 on Thursday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The business’s 50-day moving average is $515.33 and its 200-day moving average is $610.21. The company has a market capitalization of $95.38 billion, a price-to-earnings ratio of 48.07, a P/E/G ratio of 1.02 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.88 earnings per share. Analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter valued at $26,000. Knuff & Co LLC purchased a new stake in Spotify Technology in the second quarter worth $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $27,000. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. Finally, Total Investment Management Inc. bought a new position in shares of Spotify Technology during the second quarter valued at approximately $29,000. 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.