Research analysts at Bernstein Bank assumed coverage on shares of Spotify (NYSE:SPOT) in a note issued to investors on Thursday, January 9th, Stock Target Advisor reports. The brokerage set an “underperform” rating and a $127.00 price target on the stock. Bernstein Bank’s price target would indicate a potential downside of 15.75% from the company’s previous close.
Several other analysts have also weighed in on SPOT. Nomura restated a “buy” rating and issued a $180.00 price objective on shares of Spotify in a report on Monday, January 6th. Canaccord Genuity boosted their price target on shares of Spotify from $170.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Morgan Stanley reissued a “buy” rating and issued a $180.00 price target on shares of Spotify in a research note on Wednesday, January 8th. UBS Group reissued a “buy” rating and issued a $185.00 price target (up from $182.00) on shares of Spotify in a research note on Monday, October 28th. Finally, Royal Bank of Canada boosted their price target on shares of Spotify from $185.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Spotify presently has an average rating of “Hold” and an average price target of $158.58.
Spotify stock traded down $2.26 during midday trading on Thursday, hitting $150.74. 9,742 shares of the company were exchanged, compared to its average volume of 965,578. The company’s fifty day moving average price is $149.85 and its 200-day moving average price is $137.27. The company has a market cap of $26.78 billion, a PE ratio of -251.82 and a beta of 1.91. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.81 and a quick ratio of 0.81. Spotify has a fifty-two week low of $110.57 and a fifty-two week high of $161.38.
Spotify (NYSE:SPOT) last announced its earnings results on Monday, October 28th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.76. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 EPS. On average, analysts expect that Spotify will post -1.35 EPS for the current fiscal year.
Several large investors have recently made changes to their positions in SPOT. Patriot Financial Group Insurance Agency LLC increased its stake in Spotify by 64.9% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 254 shares of the company’s stock worth $29,000 after acquiring an additional 100 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Spotify in the 3rd quarter worth approximately $42,000. CNB Bank lifted its position in shares of Spotify by 490.7% in the 3rd quarter. CNB Bank now owns 443 shares of the company’s stock worth $51,000 after purchasing an additional 368 shares during the period. AdvisorNet Financial Inc lifted its position in shares of Spotify by 191.5% in the 3rd quarter. AdvisorNet Financial Inc now owns 653 shares of the company’s stock worth $74,000 after purchasing an additional 429 shares during the period. Finally, Quest Capital Management Inc. ADV purchased a new stake in shares of Spotify in the 3rd quarter worth approximately $74,000. 49.14% of the stock is currently owned by hedge funds and other 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.
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