Spotify’s (SPOT) Buy Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Spotify (NYSE:SPOT) in a research note published on Tuesday morning, TipRanks reports.

Several other brokerages have also recently commented on SPOT. Pivotal Research restated a hold rating and issued a $140.00 target price on shares of Spotify in a research report on Wednesday, April 29th. Raymond James cut shares of Spotify from a strong-buy rating to a market perform rating in a research report on Monday, April 6th. Stifel Nicolaus restated a buy rating and issued a $175.00 target price on shares of Spotify in a research report on Tuesday, April 28th. Credit Suisse Group boosted their target price on shares of Spotify from $125.00 to $130.00 and gave the company a neutral rating in a research report on Thursday, April 30th. Finally, ValuEngine cut shares of Spotify from a buy rating to a hold rating in a research report on Saturday, February 29th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $164.10.

NYSE SPOT opened at $190.17 on Tuesday. The company has a market capitalization of $34.02 billion, a P/E ratio of -123.49 and a beta of 1.53. Spotify has a 12-month low of $109.18 and a 12-month high of $196.75. The firm has a 50-day moving average price of $143.71 and a two-hundred day moving average price of $143.92.

Spotify (NYSE:SPOT) last issued its earnings results on Wednesday, April 29th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.28. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Spotify had a negative net margin of 0.53% and a negative return on equity of 1.90%. The business’s revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.79) EPS. As a group, research analysts forecast that Spotify will post -1.46 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Baillie Gifford & Co. grew its holdings in Spotify by 13.5% during the 4th quarter. Baillie Gifford & Co. now owns 21,720,001 shares of the company’s stock worth $3,248,226,000 after acquiring an additional 2,589,054 shares during the last quarter. Morgan Stanley boosted its stake in shares of Spotify by 18.6% in the 1st quarter. Morgan Stanley now owns 16,413,150 shares of the company’s stock valued at $1,993,215,000 after purchasing an additional 2,578,120 shares during the last quarter. Norges Bank bought a new stake in shares of Spotify in the 4th quarter valued at $204,661,000. Artisan Partners Limited Partnership boosted its stake in shares of Spotify by 116.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,333,495 shares of the company’s stock valued at $199,424,000 after purchasing an additional 716,705 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Spotify by 11.9% in the 1st quarter. BlackRock Inc. now owns 3,299,170 shares of the company’s stock valued at $400,651,000 after purchasing an additional 349,987 shares during the last quarter. 53.05% 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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Analyst Recommendations for Spotify (NYSE:SPOT)

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