Spotify (SPOT) Price Target Cut to $200.00

Spotify (NASDAQ:SPOT) had its target price cut by Barclays from $210.00 to $200.00 in a research note published on Friday morning. They currently have an overweight rating on the stock.

SPOT has been the subject of several other research reports. MKM Partners boosted their price objective on Spotify from $200.00 to $245.00 and gave the company a buy rating in a report on Wednesday, August 22nd. Redburn Partners upgraded Spotify to a buy rating in a report on Monday, October 15th. Buckingham Research upped their price target on Spotify from $195.00 to $201.00 and gave the stock a buy rating in a report on Friday, July 20th. Zacks Investment Research upgraded Spotify from a hold rating to a buy rating and set a $164.00 price target for the company in a report on Tuesday, October 30th. Finally, Morgan Stanley upped their price target on Spotify from $190.00 to $225.00 and gave the stock an overweight rating in a report on Friday, July 27th. One 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 assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $200.04.

NASDAQ SPOT opened at $138.99 on Friday. Spotify has a 52 week low of $131.01 and a 52 week high of $198.99.

Spotify (NASDAQ:SPOT) last released its quarterly earnings data on Thursday, November 1st. The company reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.51) by $0.74. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. The business’s revenue for the quarter was up 31.0% compared to the same quarter last year.

A number of hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC boosted its position in Spotify by 51.7% in the third quarter. Parallel Advisors LLC now owns 1,549 shares of the company’s stock worth $280,000 after purchasing an additional 528 shares during the last quarter. Archford Capital Strategies LLC purchased a new position in Spotify in the second quarter worth $103,000. Financial Architects Inc purchased a new position in Spotify in the second quarter worth $154,000. Benjamin F. Edwards & Company Inc. purchased a new position in Spotify in the second quarter worth $195,000. Finally, Thompson Davis & CO. Inc. purchased a new position in Spotify in the second quarter worth $202,000.

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.

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