Spotify (NYSE:SPOT) Stock Rating Upgraded by Zacks Investment Research

Spotify (NYSE:SPOT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $128.00 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.95% from the company’s previous close.

According to Zacks, “Spotify Technology S.A. provides music streaming services. The Company offers commercial free music and ad-supported services to subscribers. Spotify Technology S.A. is based in Sweden. “

Other analysts also recently issued reports about the company. Loop Capital upgraded Spotify from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. UBS Group downgraded Spotify from a “buy” rating to a “hold” rating and reduced their target price for the company from $155.00 to $150.00 in a research note on Wednesday, July 31st. Royal Bank of Canada reiterated a “buy” rating and set a $185.00 price target on shares of Spotify in a research note on Wednesday, July 31st. Pivotal Research reiterated a “hold” rating and set a $150.00 price target (down previously from $155.00) on shares of Spotify in a research note on Wednesday, July 31st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $180.00 price target (up previously from $170.00) on shares of Spotify in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $160.27.

Shares of SPOT traded up $1.60 during trading hours on Wednesday, hitting $116.42. The stock had a trading volume of 2,046,471 shares, compared to its average volume of 1,560,208. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a 50 day simple moving average of $125.60 and a 200-day simple moving average of $141.76. The firm has a market capitalization of $21.10 billion, a P/E ratio of -194.03 and a beta of 1.86. Spotify has a 1-year low of $103.29 and a 1-year high of $169.90.

Spotify (NYSE:SPOT) last issued its earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.51) by $0.04. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.83 billion. Spotify had a return on equity of 13.23% and a net margin of 4.48%. Equities analysts predict that Spotify will post -2.27 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the business. Macquarie Group Ltd. bought a new position in shares of Spotify during the 2nd quarter worth approximately $731,000. Toronto Dominion Bank bought a new position in shares of Spotify during the 2nd quarter worth approximately $336,000. Treasurer of the State of North Carolina bought a new position in shares of Spotify during the 2nd quarter worth approximately $6,931,000. Nomura Holdings Inc. lifted its position in shares of Spotify by 126.4% during the 2nd quarter. Nomura Holdings Inc. now owns 14,084 shares of the company’s stock worth $2,047,000 after buying an additional 7,863 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Spotify by 10,018.9% during the 2nd quarter. BlackRock Inc. now owns 2,794,732 shares of the company’s stock worth $408,645,000 after buying an additional 2,767,113 shares in the last quarter. 49.05% of the stock is currently owned by hedge funds and other institutional investors.

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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