In a report released yesterday, Mark Zgutowicz from Rosenblatt Securities reiterated a Buy rating on Spotify Technology SA (SPOT). The company’s shares closed last Tuesday at $175.03.
According to TipRanks.com, Zgutowicz is a 5-star analyst with an average return of 25.4% and a 67.1% success rate. Zgutowicz covers the Technology sector, focusing on stocks such as Criteo SA, Pinterest, and Facebook.
Spotify Technology SA has an analyst consensus of Moderate Buy, with a price target consensus of $172.47.
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Based on Spotify Technology SA’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.85 billion and net profit of $1 million. In comparison, last year the company earned revenue of $1.51 billion and had a GAAP net loss of $142 million.
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Spotify Technology SA is a digital music service offering music fans instant access to a world of music. The company operates through the following segments: Premium and Ad-Supported. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices, users can connect through speakers, receivers, televisions, cars, game consoles, and smart watches. It also offers a music listening experience without commercial breaks. The Ad-Supported segment provides users with limited on-demand online access of music and unlimited online access of podcasts on their computers, tablets, and compatible mobile devices. It also serves both premium subscriber acquisition channel and a robust option for users who are unable or unwilling to pay a monthly subscription fee but still want to enjoy access to a wide variety of high-quality audio content. The company was founded by Daniel Ek and Martin Lorentzon in April, 2006 and is headquartered in Luxembourg.
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