Spotify’s (SPOT) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Spotify (NASDAQ:SPOT) in a report issued on Thursday, The Fly reports.

Several other analysts have also recently issued reports on the company. Wells Fargo & Co dropped their target price on Spotify from $150.00 to $140.00 and set a market perform rating for the company in a report on Wednesday, January 16th. Morgan Stanley reaffirmed an overweight rating and issued a $170.00 price target (down previously from $200.00) on shares of Spotify in a research note on Friday, January 11th. Deutsche Bank decreased their price target on Spotify from $152.00 to $135.00 and set a hold rating on the stock in a research note on Monday, January 7th. Guggenheim lowered Spotify from a buy rating to a neutral rating and decreased their price target for the company from $190.00 to $120.00 in a research note on Monday, January 7th. Finally, B. Riley reaffirmed a neutral rating and issued a $132.00 price target (down previously from $200.00) on shares of Spotify in a research note on Friday, December 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Spotify currently has an average rating of Buy and an average target price of $188.86.

Shares of SPOT opened at $134.71 on Thursday. Spotify has a one year low of $103.29 and a one year high of $198.99.

Spotify (NASDAQ:SPOT) last issued its quarterly earnings results on Wednesday, February 6th. The company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.65. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.50 billion. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kistler Tiffany Companies LLC lifted its stake in Spotify by 153.0% during the 4th 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. raised its position in Spotify by 21.6% in the 4th quarter. Shine Investment Advisory Services Inc. now owns 489 shares of the company’s stock valued at $56,000 after purchasing an additional 87 shares in the last quarter. Larson Financial Group LLC acquired a new stake in Spotify in the 4th quarter valued at about $57,000. Creative Financial Designs Inc. ADV raised its position in Spotify by 22.8% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 522 shares of the company’s stock valued at $59,000 after purchasing an additional 97 shares in the last quarter. Finally, Optimum Investment Advisors raised its position in Spotify by 250.0% in the 4th quarter. Optimum Investment Advisors now owns 700 shares of the company’s stock valued at $79,000 after purchasing an additional 500 shares in the last quarter.

About Spotify

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.

Read More: Certificate of Deposit (CD)

The Fly

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