Spotify (NYSE:SPOT) PT Raised to $275.00

Spotify (NYSE:SPOT) had its price target boosted by analysts at Morgan Stanley from $190.00 to $275.00 in a research report issued on Monday, Marketbeat reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 6.51% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Monness Crespi & Hardt upped their price target on shares of Spotify from $200.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, June 19th. Barclays reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Spotify in a research note on Friday, April 17th. Goldman Sachs Group upped their price objective on shares of Spotify from $205.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $175.00 price objective on shares of Spotify in a research note on Tuesday, April 28th. Finally, Guggenheim lowered shares of Spotify from a “neutral” rating to a “sell” rating and upped their price objective for the stock from $170.00 to $223.00 in a research note on Monday. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $186.96.

NYSE SPOT opened at $258.19 on Monday. The company’s 50-day moving average price is $195.44 and its 200-day moving average price is $155.48. The stock has a market cap of $47.10 billion, a PE ratio of -167.65 and a beta of 1.59. Spotify has a 12 month low of $109.18 and a 12 month high of $271.71.

Spotify (NYSE:SPOT) last posted its quarterly earnings results on Wednesday, April 29th. The company reported ($0.20) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.48) by $0.28. The firm had revenue of $1.85 billion for 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% on a year-over-year basis. During the same period in the prior year, the business posted ($0.79) earnings per share. Research analysts forecast that Spotify will post -1.69 earnings per share for the current year.

A number of large investors have recently modified their holdings of SPOT. Morgan Stanley increased its holdings in Spotify by 18.6% in the 1st quarter. Morgan Stanley now owns 16,413,150 shares of the company’s stock worth $1,993,215,000 after buying an additional 2,578,120 shares during the period. Norges Bank purchased a new position in shares of Spotify during the 4th quarter valued at approximately $204,661,000. Artisan Partners Limited Partnership lifted its position in shares of Spotify by 116.2% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,333,495 shares of the company’s stock valued at $199,424,000 after buying an additional 716,705 shares in the last quarter. BlackRock Inc. lifted its position in shares of Spotify by 11.9% during the 1st quarter. BlackRock Inc. now owns 3,299,170 shares of the company’s stock valued at $400,651,000 after buying an additional 349,987 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of Spotify by 68.8% during the 1st quarter. Nuveen Asset Management LLC now owns 759,570 shares of the company’s stock valued at $92,243,000 after buying an additional 309,675 shares in the last quarter. Institutional investors own 54.76% of the company’s stock.

About Spotify

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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