Oppenheimer reaffirmed their hold rating on shares of Spotify (NYSE:SPOT) in a research note published on Wednesday morning, AnalystRatings.com reports.
Other equities research analysts have also recently issued research reports about the stock. Raymond James cut shares of Spotify from a strong-buy rating to a market perform rating in a research note on Monday, April 6th. Barclays reissued a buy rating and issued a $160.00 price target on shares of Spotify in a research note on Friday, April 17th. Canaccord Genuity reissued a buy rating and issued a $185.00 price target (up previously from $175.00) on shares of Spotify in a research note on Thursday, April 30th. Stifel Nicolaus raised their price objective on Spotify from $185.00 to $305.00 in a report on Monday, July 27th. Finally, Morgan Stanley restated a buy rating and issued a $275.00 price objective on shares of Spotify in a report on Tuesday. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company. Spotify currently has a consensus rating of Hold and a consensus price target of $228.74.
Shares of NYSE SPOT opened at $257.82 on Wednesday. The stock has a market capitalization of $46.93 billion, a price-to-earnings ratio of -81.33 and a beta of 1.65. Spotify has a 12 month low of $109.18 and a 12 month high of $299.67. The firm’s 50 day simple moving average is $251.68 and its 200-day simple moving average is $173.63. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.92.
Spotify (NYSE:SPOT) last issued its quarterly earnings data on Wednesday, July 29th. The company reported ($1.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($1.43). Spotify had a negative return on equity of 15.49% and a negative net margin of 4.28%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the previous year, the business earned ($0.42) EPS. Spotify’s revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts anticipate that Spotify will post -1.64 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of SPOT. Comerica Bank increased its stake in Spotify by 5.3% in the second quarter. Comerica Bank now owns 14,969 shares of the company’s stock valued at $4,335,000 after purchasing an additional 747 shares during the period. Wilbanks Smith & Thomas Asset Management LLC acquired a new position in Spotify in the second quarter valued at $222,000. JSF Financial LLC acquired a new position in Spotify in the second quarter valued at $307,000. Prudential PLC acquired a new position in Spotify in the second quarter valued at $7,804,000. Finally, NexWave Capital Partners LLC acquired a new position in Spotify in the second quarter valued at $310,000. Hedge funds and other institutional investors own 54.77% of the company’s stock.
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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