Zacks Investment Research upgraded shares of Spotify (NYSE:SPOT) from a hold rating to a strong-buy rating in a report issued on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $133.00 target price on the stock.
According to Zacks, “Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology S.A. is based in Sweden. “
A number of other equities research analysts have also weighed in on the company. Evercore ISI lowered Spotify from an in-line rating to an underperform rating in a report on Monday, June 24th. Wells Fargo & Co started coverage on Spotify in a report on Tuesday, September 24th. They issued an underperform rating and a $115.00 price objective on the stock. Consumer Edge started coverage on Spotify in a report on Tuesday, August 20th. They issued an equal weight rating on the stock. Raymond James lifted their price objective on Spotify from $172.00 to $180.00 and gave the company a strong-buy rating in a report on Thursday, July 25th. Finally, UBS Group lowered Spotify from a buy rating to a hold rating and lowered their price objective for the company from $155.00 to $150.00 in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $160.50.
NYSE SPOT opened at $115.49 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.27. Spotify has a 52-week low of $103.29 and a 52-week high of $168.10. The business’s 50-day moving average price is $122.78 and its 200 day moving average price is $140.59. The firm has a market cap of $20.66 billion, a P/E ratio of -192.48 and a beta of 1.86.
Spotify (NYSE:SPOT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.04. Spotify had a return on equity of 13.23% and a net margin of 4.48%. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.83 billion. As a group, analysts anticipate that Spotify will post -2.19 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. raised its position in shares of Spotify by 1.8% during the 2nd quarter. Baillie Gifford & Co. now owns 19,095,326 shares of the company’s stock worth $2,792,118,000 after purchasing an additional 333,366 shares during the last quarter. Morgan Stanley raised its position in shares of Spotify by 27.0% during the 2nd quarter. Morgan Stanley now owns 12,932,810 shares of the company’s stock worth $1,891,037,000 after purchasing an additional 2,748,279 shares during the last quarter. BlackRock Inc. raised its position in shares of Spotify by 10,018.9% during the 2nd quarter. BlackRock Inc. now owns 2,794,732 shares of the company’s stock worth $408,645,000 after purchasing an additional 2,767,113 shares during the last quarter. Alecta Pensionsforsakring Omsesidigt raised its position in shares of Spotify by 24.3% during the 2nd quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,049,000 shares of the company’s stock worth $298,519,000 after purchasing an additional 400,000 shares during the last quarter. Finally, Suvretta Capital Management LLC acquired a new position in shares of Spotify during the 2nd quarter worth approximately $138,392,000. Institutional investors own 49.05% of the company’s stock.
Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.
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