Spotify (NYSE:SPOT) Lowered to “Hold” at Zacks Investment Research

Spotify (NYSE:SPOT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

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. “

SPOT has been the topic of several other research reports. Wells Fargo & Co assumed coverage on shares of Spotify in a research report on Tuesday, September 24th. They set an “underperform” rating and a $115.00 price target on the stock. Pivotal Research reissued a “hold” rating and set a $150.00 price target (down previously from $155.00) on shares of Spotify in a research report on Wednesday, July 31st. Credit Suisse Group raised shares of Spotify from an “underperform” rating to a “neutral” rating and set a $120.00 price target on the stock in a research report on Tuesday, October 1st. UBS Group cut shares of Spotify from a “buy” rating to a “hold” rating and lowered their price target for the company from $155.00 to $150.00 in a research report on Wednesday, July 31st. Finally, Consumer Edge assumed coverage on shares of Spotify in a research report on Tuesday, August 20th. They set an “equal weight” rating on the stock. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $160.32.

Shares of SPOT stock traded up $1.98 on Thursday, hitting $118.54. 522,018 shares of the stock traded hands, compared to its average volume of 1,537,676. The firm’s 50-day moving average price is $120.94 and its two-hundred day moving average price is $139.89. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market capitalization of $21.08 billion, a PE ratio of -197.57 and a beta of 1.86. Spotify has a twelve month low of $103.29 and a twelve month high of $168.10.

Spotify (NYSE:SPOT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.04. The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Spotify had a net margin of 4.48% and a return on equity of 13.23%. On average, equities research analysts anticipate that Spotify will post -2.19 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. First Trust Advisors LP lifted its position in Spotify by 73.4% in the first quarter. First Trust Advisors LP now owns 152,044 shares of the company’s stock valued at $21,104,000 after buying an additional 64,343 shares during the last quarter. Marshall Wace North America L.P. lifted its position in Spotify by 73.4% in the first quarter. Marshall Wace North America L.P. now owns 24,064 shares of the company’s stock valued at $3,341,000 after buying an additional 10,183 shares during the last quarter. Clearbridge Investments LLC acquired a new position in Spotify in the first quarter valued at about $28,282,000. Rehmann Capital Advisory Group lifted its position in shares of Spotify by 71.0% during the first quarter. Rehmann Capital Advisory Group now owns 708 shares of the company’s stock worth $98,000 after purchasing an additional 294 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Spotify by 47.8% during the first quarter. FMR LLC now owns 676,018 shares of the company’s stock worth $93,831,000 after purchasing an additional 218,639 shares in the last quarter. 49.05% of the stock is currently owned by institutional investors.

Spotify Company Profile

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.

Further Reading: Market Capitalization – What it Means for Investors

Get a free copy of the Zacks research report on Spotify (SPOT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Spotify (NYSE:SPOT)

Receive News & Ratings for Spotify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify and related companies with MarketBeat.com's FREE daily email newsletter.