Spotify (SPOT) Receives $199.63 Consensus PT from Analysts

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Spotify (NASDAQ:SPOT) has earned an average recommendation of “Buy” from the twenty-nine analysts that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $199.63.

SPOT has been the topic of several research analyst reports. B. Riley initiated coverage on Spotify in a research report on Wednesday, April 25th. They issued a “neutral” rating and a $156.00 price objective on the stock. Goldman Sachs Group assumed coverage on Spotify in a research report on Monday, April 30th. They issued a “buy” rating and a $190.00 price objective on the stock. JPMorgan Chase & Co. assumed coverage on Spotify in a research report on Monday, April 30th. They set an “overweight” rating and a $190.00 price target on the stock. UBS Group assumed coverage on Spotify in a research report on Monday, April 30th. They set a “buy” rating on the stock. Finally, Evercore ISI assumed coverage on Spotify in a research report on Monday, April 30th. They set an “outperform” rating and a $190.00 price target on the stock.

A number of hedge funds have recently modified their holdings of SPOT. Financial Architects Inc bought a new stake in Spotify during the second quarter valued at about $154,000. Parallel Advisors LLC purchased a new stake in Spotify in the second quarter valued at about $171,000. Benjamin F. Edwards & Company Inc. purchased a new stake in Spotify in the second quarter valued at about $195,000. Thompson Davis & CO. Inc. purchased a new stake in Spotify in the second quarter valued at about $202,000. Finally, Belpointe Asset Management LLC purchased a new stake in Spotify in the second quarter valued at about $210,000.

Spotify stock traded up $1.68 during mid-day trading on Thursday, hitting $189.06. The company’s stock had a trading volume of 1,558,694 shares, compared to its average volume of 2,380,972. Spotify has a one year low of $135.51 and a one year high of $198.99.

Spotify (NASDAQ:SPOT) last announced its quarterly earnings data on Thursday, July 26th. The company reported ($2.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.63) by ($1.57). The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. The business’s quarterly revenue was up 26.4% on a year-over-year basis.

Spotify Company Profile

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

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Analyst Recommendations for Spotify (NASDAQ:SPOT)

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