Pivotal Research Reiterates “Hold” Rating for Spotify (NASDAQ:SPOT)

Pivotal Research reaffirmed their hold rating on shares of Spotify (NASDAQ:SPOT) in a report issued on Wednesday, BenzingaRatingsTable reports. The brokerage currently has a $150.00 price target on the stock, down from their previous price target of $155.00.

A number of other equities analysts have also recently issued reports on SPOT. UBS Group upped their price objective on shares of Spotify from $180.00 to $182.00 and gave the stock a buy rating in a research report on Tuesday, April 30th. Raymond James upped their price objective on shares of Spotify from $172.00 to $180.00 and gave the stock a strong-buy rating in a research report on Thursday, July 25th. Stifel Nicolaus reiterated a buy rating and set a $170.00 price objective on shares of Spotify in a research report on Friday, April 26th. Zacks Investment Research upgraded shares of Spotify from a hold rating to a buy rating and set a $171.00 price objective for the company in a research report on Friday, July 26th. Finally, Buckingham Research lowered their price objective on shares of Spotify from $174.00 to $165.00 and set a buy rating for the company in a research report on Monday, April 22nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Spotify currently has an average rating of Buy and an average price target of $172.26.

Shares of Spotify stock opened at $153.47 on Wednesday. The stock’s 50 day moving average price is $148.53. Spotify has a 1-year low of $103.29 and a 1-year high of $196.95.

Spotify (NASDAQ:SPOT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.04. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the company posted ($2.20) EPS. The business’s revenue was up 31.0% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently made changes to their positions in SPOT. Baillie Gifford & Co. increased its position in Spotify by 6.8% in the 1st quarter. Baillie Gifford & Co. now owns 18,761,960 shares of the company’s stock valued at $2,604,161,000 after acquiring an additional 1,196,056 shares during the period. Swedbank acquired a new position in Spotify in the 2nd quarter valued at approximately $134,757,000. Alecta Pensionsforsakring Omsesidigt increased its position in Spotify by 24.3% in the 2nd quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,049,000 shares of the company’s stock valued at $298,519,000 after acquiring an additional 400,000 shares during the period. SQN Investors LP acquired a new position in Spotify in the 1st quarter valued at approximately $37,093,000. Finally, Norges Bank acquired a new position in Spotify in the 4th quarter valued at approximately $27,386,000.

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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