Credit Suisse Group started coverage on shares of Spotify (NASDAQ:SPOT) in a report published on Friday, March 29th, Benzinga reports. The brokerage issued an underperform rating and a $120.00 price target on the stock.
A number of other equities research analysts have also commented on SPOT. B. Riley reiterated a neutral rating and set a $132.00 price target (down from $200.00) on shares of Spotify in a report on Friday, December 21st. Guggenheim lowered shares of Spotify from a buy rating to a neutral rating and lowered their price target for the company from $190.00 to $120.00 in a report on Monday, January 7th. Deutsche Bank lowered their price target on shares of Spotify from $152.00 to $135.00 and set a hold rating for the company in a report on Monday, January 7th. Morgan Stanley restated an overweight rating and issued a $170.00 price objective (down from $200.00) on shares of Spotify in a report on Friday, January 11th. Finally, Wells Fargo & Co decreased their price objective on shares of Spotify from $150.00 to $140.00 and set a market perform rating for the company in a report on Wednesday, January 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $188.14.
SPOT stock traded up $1.96 during midday trading on Friday, reaching $139.65. The company had a trading volume of 1,119,159 shares, compared to its average volume of 1,660,435. Spotify has a 1 year low of $103.29 and a 1 year high of $198.99.
Several institutional investors and hedge funds have recently bought and sold shares of SPOT. Baillie Gifford & Co. raised its stake in Spotify by 15.7% during the 4th quarter. Baillie Gifford & Co. now owns 17,565,904 shares of the company’s stock worth $1,993,730,000 after acquiring an additional 2,388,913 shares during the period. Morgan Stanley grew its holdings in shares of Spotify by 133.2% in the third quarter. Morgan Stanley now owns 3,963,794 shares of the company’s stock valued at $716,773,000 after purchasing an additional 2,263,937 shares in the last quarter. Coatue Management LLC grew its holdings in shares of Spotify by 70.5% in the fourth quarter. Coatue Management LLC now owns 3,695,289 shares of the company’s stock valued at $419,415,000 after purchasing an additional 1,528,312 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Spotify by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 1,189,947 shares of the company’s stock valued at $215,178,000 after purchasing an additional 90,326 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of Spotify by 328.9% in the third quarter. Point72 Asset Management L.P. now owns 1,019,675 shares of the company’s stock valued at $184,388,000 after purchasing an additional 781,927 shares in the last quarter.
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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