After Barclays and Monness gave Spotify Technology SA (NYSE: SPOT) a Buy rating last month, the company received another Buy, this time from Stifel Nicolaus. Analyst John Egbert reiterated a Buy rating on Spotify Technology SA today and set a price target of $305.00. The company’s shares closed last Tuesday at $249.99.
According to TipRanks.com, Egbert is a 5-star analyst with an average return of 28.5% and a 62.7% success rate. Egbert covers the Technology sector, focusing on stocks such as Tencent Music Entertainment Group, Zillow Group Class A, and Shutterstock.
Currently, the analyst consensus on Spotify Technology SA is a Moderate Buy with an average price target of $278.87, a 2.3% upside from current levels. In a report issued on October 27, Morgan Stanley also maintained a Buy rating on the stock with a $300.00 price target.
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Based on Spotify Technology SA’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.98 billion and GAAP net loss of $101 million. In comparison, last year the company earned revenue of $1.73 billion and had a net profit of $241 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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