Spotify (NASDAQ:SPOT) announced its quarterly earnings data on Thursday. The company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.74, Briefing.com reports. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Spotify’s quarterly revenue was up 31.0% on a year-over-year basis. Spotify updated its Q4 2018 guidance to EPS.
Shares of Spotify stock traded down $2.17 during trading hours on Friday, reaching $138.99. The company’s stock had a trading volume of 2,230,487 shares, compared to its average volume of 2,121,986. Spotify has a one year low of $131.01 and a one year high of $198.99.
Several brokerages have weighed in on SPOT. Barclays reissued a “buy” rating and set a $200.00 price objective on shares of Spotify in a report on Friday. Nomura decreased their price objective on shares of Spotify to $190.00 and set a “buy” rating for the company in a report on Friday. Loop Capital reissued a “sell” rating and set a $135.00 price objective on shares of Spotify in a report on Friday. Canaccord Genuity decreased their price objective on shares of Spotify from $220.00 to $200.00 and set a “buy” rating for the company in a report on Friday. Finally, B. Riley raised their price objective on shares of Spotify from $156.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $200.93.
A number of large investors have recently modified their holdings of SPOT. Baillie Gifford & Co. bought a new stake in Spotify in the 2nd quarter valued at about $2,181,995,000. TPG Group Holdings SBS Advisors Inc. bought a new stake in Spotify in the 2nd quarter valued at about $693,702,000. Morgan Stanley bought a new stake in Spotify in the 2nd quarter valued at about $285,984,000. Alecta Pensionsforsakring Omsesidigt bought a new stake in Spotify in the 2nd quarter valued at about $256,474,000. Finally, Lansdowne Partners UK LLP bought a new stake in Spotify in the 2nd quarter valued at about $195,969,000.
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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