SunTrust Banks Equities Analysts Decrease Earnings Estimates for Spotify (SPOT)

Spotify (NASDAQ:SPOT) – Stock analysts at SunTrust Banks lowered their FY2018 earnings per share (EPS) estimates for shares of Spotify in a research note issued to investors on Monday, February 4th. SunTrust Banks analyst M. Thornton now expects that the company will post earnings per share of ($3.44) for the year, down from their prior estimate of ($3.43).

Spotify (NASDAQ:SPOT) last released its quarterly earnings data on Wednesday, February 6th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.65. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. The business’s revenue for the quarter was up 30.1% compared to the same quarter last year.

A number of other equities analysts have also recently issued reports on the stock. Morgan Stanley restated an “overweight” rating and issued a $170.00 price objective (down previously from $200.00) on shares of Spotify in a research report on Friday, January 11th. UBS Group upgraded shares of Spotify from a “neutral” rating to a “buy” rating in a research report on Monday, October 15th. Redburn Partners upgraded shares of Spotify to a “buy” rating in a research report on Monday, October 15th. JPMorgan Chase & Co. decreased their price objective on shares of Spotify from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, November 2nd. Finally, Goldman Sachs Group decreased their price objective on shares of Spotify from $230.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, October 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Spotify has an average rating of “Buy” and a consensus target price of $189.21.

SPOT stock opened at $134.71 on Thursday. Spotify has a 12-month low of $103.29 and a 12-month high of $198.99.

A number of large investors have recently bought and sold shares of SPOT. Kistler Tiffany Companies LLC boosted its stake in Spotify by 153.0% during the fourth quarter. Kistler Tiffany Companies LLC now owns 420 shares of the company’s stock worth $48,000 after acquiring an additional 254 shares in the last quarter. Shine Investment Advisory Services Inc. boosted its stake in Spotify by 21.6% during the fourth quarter. Shine Investment Advisory Services Inc. now owns 489 shares of the company’s stock worth $56,000 after acquiring an additional 87 shares in the last quarter. Larson Financial Group LLC bought a new stake in Spotify during the fourth quarter worth about $57,000. Creative Financial Designs Inc. ADV boosted its stake in Spotify by 22.8% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 522 shares of the company’s stock worth $59,000 after acquiring an additional 97 shares in the last quarter. Finally, Optimum Investment Advisors boosted its stake in Spotify by 250.0% during the fourth quarter. Optimum Investment Advisors now owns 700 shares of the company’s stock worth $79,000 after acquiring an additional 500 shares in the last quarter.

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.