Spotify (SPOT) Receives $188.54 Consensus Price Target from Analysts

Spotify (NASDAQ:SPOT) has been given a consensus rating of “Buy” by the thirty-two ratings firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation, twenty-three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $188.22.

A number of brokerages have recently commented on SPOT. Zacks Investment Research lowered shares of Spotify from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. UBS Group lowered their target price on shares of Spotify from $182.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Credit Suisse Group began coverage on shares of Spotify in a research note on Friday, March 29th. They set an “underperform” rating and a $120.00 target price for the company. Rosenblatt Securities reissued a “buy” rating and set a $169.00 target price (down previously from $171.00) on shares of Spotify in a research note on Sunday, February 10th. Finally, Wells Fargo & Co lowered their target price on shares of Spotify from $150.00 to $140.00 and set a “market perform” rating for the company in a research note on Wednesday, January 16th.

Institutional investors and hedge funds have recently bought and sold shares of the business. CX Institutional bought a new stake in Spotify in the first quarter valued at $31,000. Flagship Harbor Advisors LLC increased its stake in Spotify by 40.7% in the first quarter. Flagship Harbor Advisors LLC now owns 280 shares of the company’s stock valued at $38,000 after purchasing an additional 81 shares in the last quarter. Kistler Tiffany Companies LLC increased its stake in Spotify by 153.0% in the fourth quarter. Kistler Tiffany Companies LLC now owns 420 shares of the company’s stock valued at $48,000 after purchasing an additional 254 shares in the last quarter. Valeo Financial Advisors LLC increased its stake in Spotify by 76.9% in the first quarter. Valeo Financial Advisors LLC now owns 345 shares of the company’s stock valued at $48,000 after purchasing an additional 150 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. increased its stake in Spotify by 21.6% in the fourth quarter. Shine Investment Advisory Services Inc. now owns 489 shares of the company’s stock valued at $56,000 after purchasing an additional 87 shares in the last quarter.

Shares of NASDAQ:SPOT traded up $1.96 during mid-day trading on Tuesday, reaching $139.65. 1,119,159 shares of the company’s stock were exchanged, compared to its average volume of 1,660,435. Spotify has a twelve month low of $103.29 and a twelve month high of $198.99.

Spotify (NASDAQ:SPOT) last issued its quarterly earnings results on Wednesday, February 6th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.65. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. The company’s revenue was up 30.1% compared to the same quarter last year.

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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