Shares of Spotify (NASDAQ:SPOT) have received an average rating of “Buy” from the twenty-five brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $166.53.
Several brokerages have recently weighed in on SPOT. Morgan Stanley reiterated an “overweight” rating and set a $180.00 target price (up from $170.00) on shares of Spotify in a research report on Thursday, August 1st. 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. Loop Capital upgraded shares of Spotify from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Pivotal Research restated a “hold” rating and issued a $150.00 price target (down from $155.00) on shares of Spotify in a research report on Wednesday, July 31st. Finally, Evercore ISI lowered shares of Spotify from an “in-line” rating to an “underperform” rating and set a $110.00 price target on the stock. in a research report on Monday, June 24th.
Several hedge funds and other institutional investors have recently made changes to their positions in SPOT. BlackRock Inc. raised its stake in shares of Spotify by 10,018.9% in the second quarter. BlackRock Inc. now owns 2,794,732 shares of the company’s stock worth $408,645,000 after acquiring an additional 2,767,113 shares during the last quarter. Morgan Stanley raised its stake in shares of Spotify by 27.0% in the second quarter. Morgan Stanley now owns 12,932,810 shares of the company’s stock worth $1,891,037,000 after acquiring an additional 2,748,279 shares during the last quarter. Suvretta Capital Management LLC bought a new position in shares of Spotify in the second quarter worth about $138,392,000. Swedbank bought a new position in shares of Spotify in the second quarter worth about $134,757,000. Finally, OZ Management LP bought a new position in shares of Spotify in the second quarter worth about $110,580,000.
Shares of Spotify stock traded down $1.84 during trading on Friday, hitting $127.24. 22,522 shares of the company’s stock traded hands, compared to its average volume of 1,545,892. The firm’s fifty day moving average price is $142.76 and its 200 day moving average price is $140.96. Spotify has a twelve month low of $103.29 and a twelve month high of $185.92.
Spotify (NASDAQ:SPOT) last issued its earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.04. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the firm posted ($2.20) earnings per share. Spotify’s revenue was up 31.0% on a year-over-year basis.
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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