Spotify (NASDAQ:SPOT) Receives “Buy” Rating from Stifel Nicolaus

Stifel Nicolaus reiterated their buy rating on shares of Spotify (NASDAQ:SPOT) in a report published on Thursday morning, AnalystRatings.com reports. They currently have a $175.00 target price on the stock.

Other equities analysts have also issued reports about the stock. Nomura boosted their price target on shares of Spotify from $188.00 to $190.00 and gave the company a buy rating in a research report on Tuesday, April 30th. SunTrust Banks boosted their price target on shares of Spotify to $172.00 and gave the company a buy rating in a research report on Monday, August 5th. Consumer Edge initiated coverage on shares of Spotify in a research report on Tuesday, August 20th. They issued an equal weight rating on the stock. Loop Capital upgraded shares of Spotify from a sell rating to a hold rating in a research report on Thursday, August 1st. Finally, Raymond James boosted their price target on shares of Spotify from $172.00 to $180.00 and gave the company a strong-buy rating in a research report on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $169.09.

NASDAQ:SPOT opened at $138.02 on Thursday. Spotify has a 12 month low of $103.29 and a 12 month high of $196.95. The company’s 50-day moving average price is $150.11 and its two-hundred day moving average price is $142.12.

Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. Spotify’s quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter last year, the firm earned ($2.20) earnings per share.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cowen Prime Services LLC bought a new position in shares of Spotify in the second quarter worth about $29,000. AdvisorNet Financial Inc raised its stake in shares of Spotify by 148.9% during the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after buying an additional 134 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Spotify during the second quarter worth approximately $36,000. Catalyst Capital Advisors LLC raised its stake in shares of Spotify by 86.8% during the first quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock worth $37,000 after buying an additional 125 shares during the last quarter. Finally, Icon Wealth Partners LLC bought a new stake in shares of Spotify during the first quarter worth approximately $42,000.

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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