Brokerages Set Spotify (SPOT) PT at $197.74
Spotify (NASDAQ:SPOT) has been assigned a consensus rating of “Buy” from the thirty-three analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, twenty-three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $191.07.
A number of research firms have recently issued reports on SPOT. Cfra reissued a “buy” rating and set a $245.00 price target on shares of Spotify in a research report on Wednesday, September 19th. Guggenheim increased their price target on Spotify from $175.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, September 26th. UBS Group raised Spotify from a “neutral” rating to a “buy” rating in a research report on Monday, October 15th. Redburn Partners raised Spotify to a “buy” rating in a research report on Monday, October 15th. Finally, JPMorgan Chase & Co. dropped their price objective on Spotify from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, November 2nd.
A number of institutional investors have recently made changes to their positions in SPOT. Bank of New York Mellon Corp purchased a new position in Spotify during the second quarter worth approximately $6,459,000. BlackRock Inc. purchased a new position in Spotify during the second quarter worth approximately $23,030,000. Oppenheimer & Co. Inc. purchased a new position in Spotify during the second quarter worth approximately $564,000. Janus Henderson Group PLC purchased a new position in Spotify during the second quarter worth approximately $51,894,000. Finally, Legal & General Group Plc purchased a new position in Spotify during the second quarter worth approximately $3,534,000.
Spotify (NASDAQ:SPOT) last issued its quarterly earnings data on Thursday, November 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.74. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. The firm’s revenue for the quarter 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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