Erste Group Bank Downgrades Spotify Technology (NYSE:SPOT) to Hold

Spotify Technology (NYSE:SPOT - Get Free Report) was downgraded by equities research analysts at Erste Group Bank from a "buy" rating to a "hold" rating in a report released on Friday,Finviz reports.

• 3 High Growth Revenue Stocks That Wall Street Loves

Several other research analysts have also recently weighed in on SPOT. Barclays decreased their price objective on shares of Spotify Technology from $750.00 to $700.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 5th. Wall Street Zen upgraded shares of Spotify Technology from a "hold" rating to a "buy" rating in a research report on Saturday, November 8th. Phillip Securities upgraded Spotify Technology from a "hold" rating to a "moderate buy" rating in a research report on Monday, November 10th. BNP Paribas raised shares of Spotify Technology to a "strong-buy" rating in a research note on Tuesday, September 16th. Finally, Cantor Fitzgerald upped their price objective on shares of Spotify Technology from $640.00 to $675.00 and gave the company a "neutral" rating in a research note on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $758.86.

Get Our Latest Report on Spotify Technology

Spotify Technology Stock Up 2.1%

• MarketBeat Week in Review – 11/03 - 11/07

SPOT traded up $11.61 during trading on Friday, reaching $572.58. 256,332 shares of the company were exchanged, compared to its average volume of 2,088,210. Spotify Technology has a 12-month low of $443.21 and a 12-month high of $785.00. The company's 50-day moving average is $645.45 and its two-hundred day moving average is $679.86. The company has a market cap of $117.89 billion, a price-to-earnings ratio of 90.12, a P/E/G ratio of 1.84 and a beta of 1.66.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the firm posted $1.45 earnings per share. The company's revenue for the quarter was up 7.1% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

• Spotify Posts Huge EPS Beat: Shares Are Still Down Big From Highs

Several large investors have recently added to or reduced their stakes in SPOT. Allworth Financial LP raised its position in shares of Spotify Technology by 28.0% during the 3rd quarter. Allworth Financial LP now owns 686 shares of the company's stock valued at $479,000 after purchasing an additional 150 shares during the period. IFP Advisors Inc boosted its holdings in shares of Spotify Technology by 7.2% during the 3rd quarter. IFP Advisors Inc now owns 577 shares of the company's stock valued at $438,000 after purchasing an additional 39 shares during the last quarter. Swiss Life Asset Management Ltd grew its position in shares of Spotify Technology by 11.2% during the third quarter. Swiss Life Asset Management Ltd now owns 23,737 shares of the company's stock valued at $16,568,000 after purchasing an additional 2,393 shares in the last quarter. Groupama Asset Managment grew its position in shares of Spotify Technology by 12.0% during the third quarter. Groupama Asset Managment now owns 290 shares of the company's stock valued at $202,000 after purchasing an additional 31 shares in the last quarter. Finally, Cambria Investment Management L.P. bought a new stake in shares of Spotify Technology in the third quarter worth about $496,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

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.

Read More

• Five stocks we like better than Spotify Technology
• How to Invest in Biotech Stocks
• Salesforce Stock Is Coiled Like a Spring and Ready to Rebound
• Investing in Commodities: What Are They? How to Invest in Them
• Marvell's Rally Extends: Data Centers and AMZN Chips Boost Shares
• 3 Natural Gas Stocks That Offer Great Dividend Yields
• Could Ross Stores Stock Hit $200 by Christmas? Here Are 3 Reasons Analysts Think So

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Spotify Technology Right Now?

Before you consider Spotify Technology, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Spotify Technology wasn't on the list.

While Spotify Technology currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here