Oppenheimer analyst Jed Kelly maintained a Hold rating on Spotify Technology SA (SPOT) today. The company’s shares closed last Tuesday at $241.73.
According to TipRanks.com, Kelly is a 4-star analyst with an average return of 9.6% and a 48.8% success rate. Kelly covers the Technology sector, focusing on stocks such as Rush Street Interactive, DraftKings, and EverQuote.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Spotify Technology SA with a $342.69 average price target.
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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 $2.15 billion and net profit of $23 million. In comparison, last year the company earned revenue of $1.85 billion and had a net profit of $1 million.
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Founded in 2006, Luxembourg-based Spotify Technology SA is the world’s most popular audio streaming subscription service. It serves a community of over 320 million users across 92 markets. The company generates revenue from Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access to music and podcasts. It also offers a music listening experience without commercial breaks. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers with no subscription fees. The company also provides sales, marketing, contract research and development, and customer support services.
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