Spotify (NASDAQ:SPOT) – Investment analysts at SunTrust Banks issued their Q1 2019 earnings per share estimates for shares of Spotify in a note issued to investors on Tuesday, January 8th. SunTrust Banks analyst M. Thornton anticipates that the company will post earnings of ($0.15) per share for the quarter. SunTrust Banks also issued estimates for Spotify’s Q2 2019 earnings at ($0.46) EPS, Q3 2019 earnings at ($0.13) EPS and Q4 2019 earnings at ($0.39) EPS.
A number of other equities analysts have also weighed in on the company. Cfra reaffirmed a “buy” rating and issued a $245.00 price objective on shares of Spotify in a research note on Wednesday, September 19th. Guggenheim increased their price target on Spotify from $175.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, September 26th. UBS Group raised Spotify from a “neutral” rating to a “buy” rating in a research note on Monday, October 15th. Redburn Partners raised Spotify to a “buy” rating in a research note on Monday, October 15th. Finally, JPMorgan Chase & Co. dropped their price target on Spotify from $225.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, November 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $190.11.
Spotify (NASDAQ:SPOT) last issued its quarterly earnings results on Thursday, November 1st. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.74. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. The business’s revenue for the quarter was up 31.0% compared to the same quarter last year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new position in shares of Spotify in the 2nd quarter valued at $6,459,000. BlackRock Inc. purchased a new position in shares of Spotify in the 2nd quarter valued at $23,030,000. Legal & General Group Plc purchased a new position in shares of Spotify in the 2nd quarter valued at $3,534,000. PNC Financial Services Group Inc. purchased a new position in shares of Spotify in the 2nd quarter valued at $269,000. Finally, FMR LLC purchased a new position in shares of Spotify in the 2nd quarter valued at $91,137,000.
Spotify Company Profile
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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