Spotify (NYSE:SPOT) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Spotify (NYSE:SPOT) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

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. “

A number of other equities analysts also recently commented on the stock. UBS Group downgraded shares of Spotify from a buy rating to a hold rating and reduced their target price for the stock from $155.00 to $150.00 in a research note on Wednesday, July 31st. SunTrust Banks lifted their target price on shares of Spotify to $172.00 and gave the stock a buy rating in a research note on Monday, August 5th. Credit Suisse Group raised shares of Spotify from an underperform rating to a neutral rating and set a $120.00 target price on the stock in a research note on Tuesday, October 1st. Wells Fargo & Co started coverage on shares of Spotify in a research note on Tuesday, September 24th. They set an underperform rating and a $115.00 target price on the stock. Finally, Raymond James lifted their target price on shares of Spotify from $172.00 to $180.00 and gave the stock a strong-buy rating in a research note on Thursday, July 25th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $160.32.

SPOT stock traded down $2.53 during trading on Thursday, reaching $115.30. 33,284 shares of the stock were exchanged, compared to its average volume of 1,520,845. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average price of $120.65 and a 200-day moving average price of $139.76. Spotify has a 1 year low of $103.29 and a 1 year high of $161.38. The firm has a market capitalization of $21.45 billion, a price-to-earnings ratio of -191.92 and a beta of 1.86.

Spotify (NYSE:SPOT) last issued its earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.04. Spotify had a net margin of 4.48% and a return on equity of 13.23%. The company had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.83 billion. On average, research analysts anticipate that Spotify will post -2.19 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in SPOT. Cowen Prime Services LLC acquired a new position in shares of Spotify in the second quarter valued at approximately $29,000. AdvisorNet Financial Inc grew its holdings in shares of Spotify by 148.9% in the second quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock valued at $33,000 after purchasing an additional 134 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in shares of Spotify in the second quarter valued at approximately $36,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Spotify in the second quarter valued at approximately $73,000. Finally, Kistler Tiffany Companies LLC grew its holdings in shares of Spotify by 28.1% in the second quarter. Kistler Tiffany Companies LLC now owns 538 shares of the company’s stock valued at $79,000 after purchasing an additional 118 shares in the last quarter. 49.05% of the stock is currently owned by institutional investors and hedge funds.

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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