Spotify (NASDAQ:SPOT) Issues Earnings Results

Spotify (NASDAQ:SPOT) released its quarterly earnings results on Wednesday. The company reported ($0.47) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.04, Morningstar.com reports. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the previous year, the business earned ($2.20) EPS. The company’s revenue for the quarter was up 31.0% on a year-over-year basis. Spotify updated its Q4 2019 guidance to EPS and its Q3 2019 guidance to EPS.

Shares of SPOT traded down $2.64 during trading hours on Friday, hitting $152.97. The company had a trading volume of 21,388 shares, compared to its average volume of 1,651,217. The company’s 50 day moving average is $148.34. Spotify has a 52-week low of $103.29 and a 52-week high of $196.95.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Bank of New York Mellon Corp grew its stake in shares of Spotify by 14.8% in the fourth quarter. Bank of New York Mellon Corp now owns 101,198 shares of the company’s stock worth $11,485,000 after purchasing an additional 13,083 shares during the last quarter. Northern Trust Corp grew its stake in shares of Spotify by 763.1% in the fourth quarter. Northern Trust Corp now owns 87,850 shares of the company’s stock worth $9,971,000 after purchasing an additional 77,671 shares during the last quarter. Two Sigma Advisers LP grew its stake in shares of Spotify by 0.7% in the fourth quarter. Two Sigma Advisers LP now owns 30,200 shares of the company’s stock worth $3,428,000 after purchasing an additional 200 shares during the last quarter. MML Investors Services LLC grew its stake in shares of Spotify by 44.7% in the fourth quarter. MML Investors Services LLC now owns 1,976 shares of the company’s stock worth $224,000 after purchasing an additional 610 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify in the fourth quarter worth about $27,386,000.

A number of research firms have weighed in on SPOT. Stifel Nicolaus raised their price target on Spotify from $170.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday. Raymond James raised their price target on Spotify from $172.00 to $180.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Pivotal Research restated a “hold” rating and set a $150.00 price target (down previously from $155.00) on shares of Spotify in a research report on Wednesday. Zacks Investment Research downgraded Spotify from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Evercore ISI downgraded Spotify from an “in-line” rating to an “underperform” rating and set a $110.00 price target on the stock. in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $172.26.

About Spotify

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

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Earnings History for Spotify (NASDAQ:SPOT)

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