Spotify (NYSE:SPOT) was downgraded by equities researchers at Guggenheim from a “neutral” rating to a “sell” rating in a research note issued on Monday, Marketbeat reports. They currently have a $223.00 price objective on the stock, up from their previous price objective of $170.00. Guggenheim’s target price suggests a potential downside of 13.63% from the company’s current price.
Several other brokerages also recently issued reports on SPOT. Zacks Investment Research downgraded Spotify from a “buy” rating to a “hold” rating in a report on Thursday, June 4th. Credit Suisse Group raised their price target on Spotify from $125.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Redburn Partners downgraded Spotify from a “buy” rating to a “neutral” rating and set a $180.00 price target on the stock. in a report on Thursday, May 28th. Goldman Sachs Group raised their price target on Spotify from $205.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Finally, UBS Group lifted their target price on Spotify from $172.00 to $189.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $186.96.
NYSE:SPOT opened at $258.19 on Monday. The business’s 50 day moving average is $195.44 and its two-hundred day moving average is $155.48. Spotify has a 52 week low of $109.18 and a 52 week high of $271.71. The company has a market cap of $47.10 billion, a PE ratio of -167.65 and a beta of 1.59.
Spotify (NYSE:SPOT) last released its earnings results on Wednesday, April 29th. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.28. Spotify had a negative return on equity of 1.90% and a negative net margin of 0.53%. The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the business posted ($0.79) EPS. Spotify’s quarterly revenue was up 22.3% compared to the same quarter last year. Analysts anticipate that Spotify will post -1.69 earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Ameritas Investment Company LLC acquired a new stake in shares of Spotify in the first quarter worth $42,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Spotify during the first quarter valued at $45,000. Banque Cantonale Vaudoise acquired a new stake in Spotify during the fourth quarter valued at $49,000. Aigen Investment Management LP acquired a new stake in Spotify during the first quarter valued at $51,000. Finally, Eudaimonia Partners LLC acquired a new stake in Spotify during the first quarter valued at $55,000. 54.76% of the stock is owned by institutional investors and hedge funds.
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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