Spotify (NASDAQ:SPOT) had its price target reduced by Goldman Sachs Group from $230.00 to $200.00 in a research note published on Tuesday morning, The Fly reports. Goldman Sachs Group currently has a buy rating on the stock.
A number of other research analysts have also recently issued reports on the company. Rosenblatt Securities began coverage on Spotify in a report on Tuesday. They set a buy rating and a $181.00 price objective for the company. Zacks Investment Research raised Spotify from a hold rating to a buy rating and set a $164.00 price target for the company in a report on Tuesday. Redburn Partners raised Spotify to a buy rating in a report on Monday, October 15th. UBS Group raised Spotify from a neutral rating to a buy rating in a report on Monday, October 15th. Finally, Pivotal Research raised Spotify from a hold rating to a buy rating and cut their price target for the company from $200.00 to $190.00 in a report on Friday, October 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. Spotify currently has an average rating of Buy and a consensus target price of $202.89.
Shares of NASDAQ SPOT traded down $2.06 during midday trading on Tuesday, reaching $139.10. 40,389 shares of the company traded hands, compared to its average volume of 2,121,986. Spotify has a 12 month low of $131.01 and a 12 month high of $198.99.
Spotify (NASDAQ:SPOT) last issued its quarterly earnings data on Thursday, November 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.74. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Spotify’s revenue was up 31.0% compared to the same quarter last year.
Several large investors have recently added to or reduced their stakes in SPOT. Bank of New York Mellon Corp bought a new stake in Spotify in the 2nd quarter valued at approximately $6,459,000. AMP Capital Investors Ltd bought a new stake in shares of Spotify during the 2nd quarter worth approximately $3,391,000. Tower Research Capital LLC TRC bought a new stake in shares of Spotify during the 2nd quarter worth approximately $238,000. Stephens Investment Management Group LLC bought a new stake in shares of Spotify during the 2nd quarter worth approximately $2,323,000. Finally, Janus Henderson Group PLC bought a new stake in shares of Spotify during the 2nd quarter worth approximately $51,894,000.
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.
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