Analysts at Citigroup initiated coverage on shares of Spotify (NYSE:SPOT) in a research report issued on Monday, MarketBeat Ratings reports. The brokerage set a “neutral” rating and a $270.00 price target on the stock. Citigroup‘s target price would suggest a potential upside of 4.57% from the company’s current price.
Other analysts have also recently issued research reports about the company. Goldman Sachs Group lifted their price objective on Spotify from $205.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Canaccord Genuity reaffirmed a “buy” rating and issued a $185.00 price target (up previously from $175.00) on shares of Spotify in a research report on Thursday, April 30th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $175.00 price target on shares of Spotify in a research report on Tuesday, April 28th. SunTrust Banks reduced their price target on Spotify from $172.00 to $167.00 and set a “buy” rating for the company in a research report on Friday, April 24th. Finally, Credit Suisse Group boosted their price target on Spotify from $125.00 to $130.00 and gave the stock a “neutral” rating in a research report 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. Spotify currently has a consensus rating of “Hold” and an average price target of $186.96.
SPOT opened at $258.19 on Monday. The stock has a market cap of $47.10 billion, a price-to-earnings ratio of -167.65 and a beta of 1.59. Spotify has a 1 year low of $109.18 and a 1 year high of $271.71. The stock has a fifty day moving average price of $195.44 and a 200 day moving average price of $155.48.
Spotify (NYSE:SPOT) last released its quarterly earnings data on Wednesday, April 29th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.28. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Spotify had a negative return on equity of 1.90% and a negative net margin of 0.53%. The business’s revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.79) earnings per share. As a group, research analysts forecast that Spotify will post -1.69 earnings per share for the current year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Banque Cantonale Vaudoise bought a new position in Spotify during the fourth quarter valued at about $49,000. Charles Schwab Investment Management Inc. increased its stake in Spotify by 20.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,079 shares of the company’s stock valued at $1,209,000 after acquiring an additional 1,360 shares during the period. Oppenheimer Asset Management Inc. increased its stake in Spotify by 199.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 9,068 shares of the company’s stock valued at $1,101,000 after acquiring an additional 6,039 shares during the period. Wells Fargo & Company MN increased its stake in Spotify by 14.1% during the first quarter. Wells Fargo & Company MN now owns 315,595 shares of the company’s stock valued at $38,326,000 after acquiring an additional 39,087 shares during the period. Finally, Engineers Gate Manager LP increased its stake in Spotify by 7.4% during the first quarter. Engineers Gate Manager LP now owns 10,388 shares of the company’s stock valued at $1,262,000 after acquiring an additional 714 shares during the period. Hedge funds and other institutional investors own 54.76% of the company’s stock.
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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