Spotify (NYSE:SPOT) had its price target increased by Rosenblatt Securities from $275.00 to $325.00 in a report published on Wednesday morning, AnalystRatings.com reports. The brokerage currently has a buy rating on the stock.
Other research analysts have also issued research reports about the company. Pivotal Research reissued a hold rating and set a $140.00 price target on shares of Spotify in a research note on Wednesday, April 29th. UBS Group lowered Spotify from a buy rating to a sell rating and increased their target price for the stock from $189.00 to $204.00 in a research report on Tuesday, July 14th. Sanford C. Bernstein lowered Spotify to a sell rating in a research report on Tuesday, July 14th. Morgan Stanley reaffirmed a buy rating and issued a $275.00 target price on shares of Spotify in a research report on Tuesday, July 28th. Finally, Bank of America increased their target price on Spotify from $185.00 to $357.00 in a research report on Tuesday, July 14th. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $228.74.
Shares of Spotify stock opened at $257.82 on Wednesday. Spotify has a fifty-two week low of $109.18 and a fifty-two week high of $299.67. The firm has a market cap of $46.21 billion, a PE ratio of -81.33 and a beta of 1.65. The business’s fifty day moving average is $251.68 and its two-hundred day moving average is $173.63. The company has a quick ratio of 0.92, a current ratio of 0.82 and a debt-to-equity ratio of 0.29.
Spotify (NYSE:SPOT) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($1.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($1.42). Spotify had a negative return on equity of 15.49% and a negative net margin of 4.28%. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the prior year, the company earned ($0.42) EPS. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. Equities research analysts anticipate that Spotify will post -1.64 EPS for the current year.
Several institutional investors have recently made changes to their positions in the company. CWM LLC grew its stake in shares of Spotify by 21.4% during the second quarter. CWM LLC now owns 233 shares of the company’s stock valued at $60,000 after acquiring an additional 41 shares in the last quarter. D.A. Davidson & CO. grew its stake in shares of Spotify by 0.3% during the first quarter. D.A. Davidson & CO. now owns 28,548 shares of the company’s stock valued at $3,467,000 after acquiring an additional 80 shares in the last quarter. Mount Yale Investment Advisors LLC grew its stake in shares of Spotify by 0.6% during the first quarter. Mount Yale Investment Advisors LLC now owns 18,731 shares of the company’s stock valued at $2,275,000 after acquiring an additional 111 shares in the last quarter. Prime Capital Investment Advisors LLC grew its stake in shares of Spotify by 15.4% during the second quarter. Prime Capital Investment Advisors LLC now owns 875 shares of the company’s stock valued at $226,000 after acquiring an additional 117 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Spotify during the fourth quarter valued at about $4,524,000. Institutional investors own 54.77% of the company’s stock.
Spotify Company Profile
Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.
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