Spotify Technology (NYSE:SPOT) Issues Quarterly Earnings Results

Spotify Technology (NYSE:SPOT) announced its earnings results on Tuesday. The company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.18), Zacks reports. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%.

Spotify Technology Stock Performance

NYSE:SPOT opened at $549.45 on Tuesday. The company’s 50-day simple moving average is $480.71 and its 200-day simple moving average is $405.25. Spotify Technology has a fifty-two week low of $219.36 and a fifty-two week high of $560.36. The stock has a market capitalization of $109.37 billion, a P/E ratio of 149.31 and a beta of 1.63.

Analyst Ratings Changes

SPOT has been the topic of a number of analyst reports. Rosenblatt Securities upped their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler increased their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Morgan Stanley raised their target price on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $451.39.

About Spotify Technology

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.