Morgan Stanley Increases Spotify (NYSE:SPOT) Price Target to $275.00

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

SPOT has been the topic of a number of other reports. Barclays restated a “buy” rating and issued a $160.00 price objective on shares of Spotify in a report on Friday, April 17th. SunTrust Banks cut their price objective on Spotify from $172.00 to $167.00 and set a “buy” rating on the stock in a report on Friday, April 24th. JPMorgan Chase & Co. raised their price objective on Spotify from $155.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Rosenblatt Securities raised their price objective on Spotify from $190.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, June 19th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $185.00 target price (up previously from $175.00) on shares of Spotify in a research note on Thursday, April 30th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $186.96.

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

Spotify (NYSE:SPOT) last released its quarterly earnings data on Wednesday, April 29th. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.28. The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.86 billion. Spotify had a negative return on equity of 1.90% and a negative net margin of 0.53%. The company’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same period last year, the business posted ($0.79) EPS. Sell-side analysts predict that Spotify will post -1.69 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. D.A. Davidson & CO. grew its stake in Spotify by 0.3% during the 1st quarter. D.A. Davidson & CO. now owns 28,548 shares of the company’s stock valued at $3,467,000 after purchasing an additional 80 shares in the last quarter. Utah Retirement Systems raised its stake in Spotify by 0.4% during the 4th quarter. Utah Retirement Systems now owns 22,549 shares of the company’s stock valued at $3,372,000 after acquiring an additional 100 shares in the last quarter. Mount Yale Investment Advisors LLC raised its stake in Spotify by 0.6% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 18,731 shares of the company’s stock valued at $2,275,000 after acquiring an additional 111 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Spotify during the 4th quarter valued at $4,524,000. Finally, Veracity Capital LLC raised its stake in Spotify by 4.8% during the 1st quarter. Veracity Capital LLC now owns 2,772 shares of the company’s stock valued at $337,000 after acquiring an additional 128 shares in the last quarter. Hedge funds and other 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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