Spotify (SPOT) Gains As Market Dips: What You Should Know

In the latest trading session, Spotify (SPOT) closed at $379.16, marking a +0.61% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.03%. Elsewhere, the Dow saw a downswing of 0.61%, while the tech-heavy Nasdaq appreciated by 0.56%.Shares of the music-streaming service operator witnessed a loss of 0.6% over the previous month, trailing the performance of the Business Services sector with its gain of 2.28% and the S&P 500's gain of 1.39%.Market participants will be closely following the financial results of Spotify in its upcoming release. In that report, analysts expect Spotify to post earnings of $1.77 per share. This would mark year-over-year growth of 391.67%. Simultaneously, our latest consensus estimate expects the revenue to be $4.38 billion, showing a 19.81% escalation compared to the year-ago quarter.For the full year, the Zacks Consensus Estimates are projecting earnings of $6.22 per share and revenue of $17.12 billion, which would represent changes of +310.85% and +19.49%, respectively, from the prior year.Investors might also notice recent changes to analyst estimates for Spotify. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.66% downward. Currently, Spotify is carrying a Zacks Rank of #3 (Hold).Digging into valuation, Spotify currently has a Forward P/E ratio of 60.59. This denotes a premium relative to the industry's average Forward P/E of 24.5.The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 69, positioning it in the top 28% of all 250+ industries.The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.7% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Spotify Technology (SPOT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks