Spotify (SPOT) closed at $537.91 in the latest trading session, marking a +0.39% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.91% for the day. Elsewhere, the Dow lost 1.5%, while the tech-heavy Nasdaq lost 1.96%.

Heading into today, shares of the music-streaming service operator had lost 16.35% over the past month, lagging the Business Services sector's loss of 9.97% and the S&P 500's loss of 7.38% in that time.

Analysts and investors alike will be keeping a close eye on the performance of Spotify in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $2.29, reflecting a 118.1% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.38 billion, up 10.9% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $10.23 per share and a revenue of $18.85 billion, representing changes of +71.93% and +11.21%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Spotify. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.63% lower. At present, Spotify boasts a Zacks Rank of #3 (Hold).

From a valuation perspective, Spotify is currently exchanging hands at a Forward P/E ratio of 52.36. Its industry sports an average Forward P/E of 21.52, so one might conclude that Spotify is trading at a premium comparatively.

The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 73, finds itself in the top 30% echelons of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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 Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research