Shares of Spotify (NYSE:SPOT) have received a consensus rating of “Buy” from the twenty-two brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, eleven have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $159.89.

Several research firms recently weighed in on SPOT. Credit Suisse Group upgraded Spotify from an “underperform” rating to a “neutral” rating and set a $120.00 target price on the stock in a research report on Tuesday, October 1st. Wells Fargo & Co began coverage on Spotify in a research report on Tuesday, September 24th. They set an “underperform” rating and a $115.00 target price on the stock. Royal Bank of Canada lifted their target price on Spotify from $185.00 to $195.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. Zacks Investment Research upgraded Spotify from a “hold” rating to a “buy” rating and set a $135.00 target price on the stock in a research report on Wednesday, October 30th. Finally, UBS Group reiterated a “buy” rating and set a $185.00 target price (up from $182.00) on shares of Spotify in a research report on Monday, October 28th.

Several institutional investors have recently made changes to their positions in the company. NEXT Financial Group Inc bought a new stake in shares of Spotify in the second quarter worth about $127,000. Baltimore Washington Financial Advisors Inc. increased its holdings in shares of Spotify by 28.1% in the second quarter. Baltimore Washington Financial Advisors Inc. now owns 19,128 shares of the company’s stock worth $2,797,000 after purchasing an additional 4,200 shares during the last quarter. Mount Vernon Associates Inc. MD increased its holdings in shares of Spotify by 81.6% in the second quarter. Mount Vernon Associates Inc. MD now owns 10,805 shares of the company’s stock worth $1,580,000 after purchasing an additional 4,855 shares during the last quarter. Coronation Fund Managers Ltd. increased its holdings in shares of Spotify by 27.0% in the second quarter. Coronation Fund Managers Ltd. now owns 180,643 shares of the company’s stock worth $26,414,000 after purchasing an additional 38,400 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Spotify by 25.5% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,865 shares of the company’s stock worth $418,000 after purchasing an additional 583 shares during the last quarter. Institutional investors and hedge funds own 49.15% of the company’s stock.

NYSE SPOT opened at $142.53 on Tuesday. The company has a market capitalization of $25.55 billion, a PE ratio of -237.55 and a beta of 1.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.81 and a current ratio of 0.81. The business’s fifty day moving average is $136.15 and its 200 day moving average is $137.66. Spotify has a fifty-two week low of $103.29 and a fifty-two week high of $161.38.

Spotify (NYSE:SPOT) last released its earnings results on Monday, October 28th. The company reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.76. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.72 billion. Spotify had a return on equity of 22.12% and a net margin of 7.32%. Spotify’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 earnings per share. On average, sell-side analysts forecast that Spotify will post -0.9 EPS for the current year.

About Spotify

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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Analyst Recommendations for Spotify (NYSE:SPOT)

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