Spotify Technology (NYSE:SPOT) Upgraded by ValuEngine to “Strong-Buy”

ValuEngine upgraded shares of Spotify Technology (NYSE:SPOT) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday morning, ValuEngine reports.

A number of other research analysts also recently commented on the stock. Goldman Sachs Group reaffirmed a buy rating and issued a $170.00 target price on shares of Spotify Technology in a research report on Tuesday, April 30th. Raymond James raised their price objective on shares of Spotify Technology from $172.00 to $180.00 and gave the stock a strong-buy rating in a research report on Thursday, July 25th. Evercore ISI downgraded shares of Spotify Technology from an in-line rating to an underperform rating in a research report on Monday, June 24th. UBS Group downgraded shares of Spotify Technology from a buy rating to a hold rating and lowered their price objective for the stock from $155.00 to $150.00 in a research report on Wednesday. Finally, Royal Bank of Canada reissued a buy rating and set a $185.00 price objective on shares of Spotify Technology in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Spotify Technology presently has a consensus rating of Buy and a consensus price target of $170.00.

Shares of NYSE SPOT traded down $2.14 during mid-day trading on Thursday, reaching $153.47. The company had a trading volume of 953,839 shares, compared to its average volume of 1,434,785. The company has a current ratio of 0.76, a quick ratio of 0.83 and a debt-to-equity ratio of 0.27. The stock has a 50 day simple moving average of $148.57. The stock has a market cap of $28.14 billion, a PE ratio of -255.78 and a beta of 1.84. Spotify Technology has a 52-week low of $103.29 and a 52-week high of $196.95.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.04. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.83 billion. Spotify Technology had a net margin of 4.48% and a return on equity of 13.23%. Research analysts predict that Spotify Technology will post -2.69 earnings per share for the current fiscal year.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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