Spotify’s (SPOT) “Overweight” Rating Reiterated at Morgan Stanley

Morgan Stanley reiterated their overweight rating on shares of Spotify (NASDAQ:SPOT) in a research note released on Thursday morning, The Fly reports. The brokerage currently has a $180.00 target price on the stock, up from their previous target price of $170.00.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus reaffirmed a buy rating and set a $170.00 price target on shares of Spotify in a research report on Friday, April 26th. Evercore ISI lowered shares of Spotify from an in-line rating to an underperform rating and set a $110.00 price target for the company. in a research report on Monday, June 24th. Pivotal Research reaffirmed a hold rating and set a $150.00 price target (down previously from $155.00) on shares of Spotify in a research report on Wednesday. Nomura boosted their price objective on Spotify from $188.00 to $190.00 and gave the company a buy rating in a research note on Tuesday, April 30th. Finally, Buckingham Research cut their price objective on Spotify from $174.00 to $165.00 and set a buy rating for the company in a research note on Monday, April 22nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $172.26.

Shares of NASDAQ SPOT traded down $2.14 during midday trading on Thursday, hitting $153.47. 953,839 shares of the company’s stock traded hands, compared to its average volume of 1,646,513. Spotify has a 1 year low of $103.29 and a 1 year high of $196.95. The company has a fifty day moving average price of $148.53.

Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.51) by $0.04. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same period in the previous year, the company earned ($2.20) EPS. Spotify’s revenue for the quarter was up 31.0% compared to the same quarter last year.

Large investors have recently made changes to their positions in the stock. Cohen Capital Management Inc. boosted its stake in Spotify by 0.4% in the 1st quarter. Cohen Capital Management Inc. now owns 18,505 shares of the company’s stock worth $2,568,000 after purchasing an additional 75 shares during the period. Flagship Harbor Advisors LLC boosted its stake in Spotify by 40.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 280 shares of the company’s stock worth $38,000 after purchasing an additional 81 shares during the period. Tocqueville Asset Management L.P. boosted its stake in Spotify by 4.1% in the 1st quarter. Tocqueville Asset Management L.P. now owns 2,550 shares of the company’s stock worth $354,000 after purchasing an additional 100 shares during the period. Aperio Group LLC boosted its stake in Spotify by 2.8% in the 2nd quarter. Aperio Group LLC now owns 3,666 shares of the company’s stock worth $536,000 after purchasing an additional 101 shares during the period. Finally, Kistler Tiffany Companies LLC boosted its stake in Spotify by 28.1% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 538 shares of the company’s stock worth $79,000 after purchasing an additional 118 shares during the period.

Spotify Company Profile

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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Analyst Recommendations for Spotify (NASDAQ:SPOT)

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