Canaccord Genuity Increases Spotify (SPOT) Price Target to $220.00

Spotify (NASDAQ:SPOT) had its target price hoisted by Canaccord Genuity from $200.00 to $220.00 in a report published on Friday, July 27th, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also commented on the company. Buckingham Research increased their price target on Spotify from $195.00 to $201.00 and gave the stock a buy rating in a research report on Friday, July 20th. Bank of America began coverage on Spotify in a research report on Monday, April 30th. They issued a buy rating and a $195.00 price objective on the stock. Cascend Securities began coverage on Spotify in a research note on Monday, May 14th. They issued a buy rating and a $185.00 price target on the stock. Goldman Sachs Group began coverage on Spotify in a research note on Monday, April 30th. They issued a buy rating and a $190.00 price target on the stock. Finally, Royal Bank of Canada assumed coverage on Spotify in a research note on Thursday, March 29th. They issued an outperform rating and a $220.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $199.63.

Spotify stock traded up $1.68 during trading hours on Friday, hitting $189.06. The stock had a trading volume of 1,558,694 shares, compared to its average volume of 2,380,972. Spotify has a fifty-two week low of $135.51 and a fifty-two week high of $198.99.

Spotify (NASDAQ:SPOT) last released its quarterly earnings data on Thursday, July 26th. The company reported ($2.20) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($1.57). The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. The business’s revenue for the quarter was up 26.4% compared to the same quarter last year.

A number of institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. bought a new position in Spotify during the second quarter worth about $2,181,995,000. Alecta Pensionsforsakring Omsesidigt bought a new position in Spotify during the second quarter worth about $256,474,000. FMR LLC bought a new position in Spotify during the second quarter worth about $91,137,000. Contrarius Investment Management Ltd bought a new position in Spotify during the second quarter worth about $72,628,000. Finally, Janus Henderson Group PLC bought a new position in Spotify during the second quarter worth about $51,894,000.

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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