Zacks Investment Research upgraded shares of Spotify (NYSE:SPOT) from a hold rating to a strong-buy rating in a research report released on Wednesday, Zacks.com reports. They currently have $133.00 target price on the stock.
According to Zacks, “Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology S.A. is based in Sweden. “
A number of other equities analysts have also commented on SPOT. Stifel Nicolaus reiterated a buy rating and issued a $175.00 price objective on shares of Spotify in a report on Thursday, August 22nd. Credit Suisse Group upgraded shares of Spotify from an underperform rating to a neutral rating and set a $120.00 price objective on the stock in a report on Tuesday, October 1st. Rosenblatt Securities set a $184.00 price objective on shares of Spotify and gave the stock a buy rating in a report on Sunday, September 29th. SunTrust Banks boosted their price objective on shares of Spotify to $172.00 and gave the stock a buy rating in a report on Monday, August 5th. Finally, UBS Group lowered shares of Spotify from a buy rating to a hold rating and cut their price objective for the stock from $155.00 to $150.00 in a report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $160.50.
Shares of SPOT stock opened at $115.49 on Wednesday. Spotify has a 12 month low of $103.29 and a 12 month high of $168.10. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market capitalization of $20.66 billion, a P/E ratio of -192.48 and a beta of 1.86. The company’s fifty day moving average price is $122.78 and its two-hundred day moving average price is $140.59.
Spotify (NYSE:SPOT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.04. Spotify had a net margin of 4.48% and a return on equity of 13.23%. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.83 billion. On average, sell-side analysts anticipate that Spotify will post -2.19 EPS for the current year.
Institutional investors have recently modified their holdings of the company. Cowen Prime Services LLC acquired a new stake in Spotify during the second quarter worth about $29,000. AdvisorNet Financial Inc raised its stake in Spotify by 148.9% during the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after acquiring an additional 134 shares during the period. Meridian Wealth Management LLC acquired a new stake in Spotify during the second quarter worth about $36,000. Northwestern Mutual Wealth Management Co. raised its stake in Spotify by 253.2% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 491 shares of the company’s stock worth $68,000 after acquiring an additional 352 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Spotify during the second quarter worth about $73,000. Institutional investors and hedge funds own 49.05% of the company’s stock.
Spotify Company Profile
Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.
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