Spotify (NYSE:SPOT) Receives Consensus Recommendation of “Buy” from Brokerages

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Spotify (NYSE:SPOT) has been given a consensus rating of “Buy” by the twenty-two analysts that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $159.89.

A number of brokerages recently weighed in on SPOT. Wells Fargo & Co began coverage on Spotify in a report on Tuesday, September 24th. They set an “underperform” rating and a $115.00 price objective on the stock. Consumer Edge began coverage on Spotify in a report on Tuesday, August 20th. They set an “equal weight” rating on the stock. ValuEngine cut Spotify from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Canaccord Genuity raised their price objective on Spotify from $170.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Finally, Royal Bank of Canada raised their price objective on Spotify from $185.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, October 28th.

Shares of NYSE SPOT traded up $1.51 during trading hours on Tuesday, reaching $148.09. 720,931 shares of the stock traded hands, compared to its average volume of 1,255,158. The company has a market capitalization of $26.27 billion, a P/E ratio of -246.82 and a beta of 1.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.32. Spotify has a 52-week low of $103.29 and a 52-week high of $161.38. The company’s 50-day simple moving average is $138.51 and its two-hundred day simple moving average is $137.69.

Spotify (NYSE:SPOT) last announced its quarterly earnings data on Monday, October 28th. The company reported $0.36 earnings per share 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 analysts’ expectations of $1.72 billion. Spotify had a return on equity of 22.12% and a net margin of 7.32%. Spotify’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same period last year, the firm posted $0.23 EPS. As a group, sell-side analysts forecast that Spotify will post -0.9 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in SPOT. BlackRock Inc. increased its stake in Spotify by 10,018.9% in 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 period. Morgan Stanley increased its stake in Spotify by 27.0% in 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 period. Suvretta Capital Management LLC purchased a new position in Spotify in the 2nd quarter worth approximately $138,392,000. OZ Management LP purchased a new position in Spotify in the 2nd quarter worth approximately $110,580,000. Finally, Eminence Capital LP bought a new stake in shares of Spotify in the 2nd quarter worth approximately $85,548,000. 49.15% of the stock is currently owned by institutional investors and hedge funds.

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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