Spotify (NASDAQ:SPOT) had its target price lifted by Guggenheim from $175.00 to $210.00 in a research report released on Wednesday morning. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the company. Nomura started coverage on Spotify in a research report on Tuesday, July 10th. They set a buy rating and a $210.00 price objective for the company. Nordea Equity Research started coverage on Spotify in a research report on Wednesday, June 27th. They set a buy rating for the company. BTIG Research started coverage on Spotify in a research report on Monday, July 23rd. They set a buy rating and a $230.00 price objective for the company. Buckingham Research lifted their price objective on Spotify from $195.00 to $201.00 and gave the stock a buy rating in a research report on Friday, July 20th. Finally, Pivotal Research started coverage on Spotify in a research report on Tuesday, May 29th. They set a buy rating and a $200.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $206.96.

Shares of Spotify stock traded up $2.87 during trading on Wednesday, hitting $184.92. 12,485 shares of the company were exchanged, compared to its average volume of 2,108,989. Spotify has a fifty-two week low of $135.51 and a fifty-two week high of $198.99.

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

Several hedge funds have recently added to or reduced their stakes in SPOT. Archford Capital Strategies LLC acquired a new stake in shares of Spotify during the 2nd quarter worth $103,000. Financial Architects Inc acquired a new stake in shares of Spotify during the 2nd quarter worth $154,000. Parallel Advisors LLC acquired a new stake in shares of Spotify during the 2nd quarter worth $171,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Spotify during the 2nd quarter worth $195,000. Finally, Thompson Davis & CO. Inc. acquired a new stake in shares of Spotify during the 2nd quarter worth $202,000.

About Spotify

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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