Spotify (NYSE:SPOT) Now Covered by Citigroup

Citigroup started coverage on shares of Spotify (NYSE:SPOT) in a report released on Monday, Marketbeat.com reports. The firm set a “neutral” rating and a $270.00 price target on the stock. Citigroup‘s target price would indicate a potential upside of 4.57% from the stock’s previous close.

SPOT has been the subject of several other reports. Monness Crespi & Hardt raised their target price on shares of Spotify from $200.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, June 19th. Guggenheim downgraded shares of Spotify from a “neutral” rating to a “sell” rating and raised their price objective for the stock from $170.00 to $223.00 in a research report on Monday. Goldman Sachs Group raised their price objective on shares of Spotify from $205.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Sanford C. Bernstein upgraded shares of Spotify from an “underperform” rating to a “market perform” rating and set a $124.00 price objective for the company in a research report on Tuesday, March 24th. Finally, Morgan Stanley raised their price objective on shares of Spotify from $190.00 to $275.00 and gave the stock an “overweight” rating in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Spotify presently has an average rating of “Hold” and a consensus price target of $186.96.

Shares of NYSE:SPOT opened at $258.19 on Monday. Spotify has a 52-week low of $109.18 and a 52-week high of $271.71. The company has a market capitalization of $47.10 billion, a P/E ratio of -167.65 and a beta of 1.59. The company has a 50-day simple moving average of $195.44 and a 200 day simple moving average of $155.48.

Spotify (NYSE:SPOT) last issued its earnings results on Wednesday, April 29th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.48) by $0.28. Spotify had a negative net margin of 0.53% and a negative return on equity of 1.90%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the business posted ($0.79) EPS. Spotify’s revenue was up 22.3% on a year-over-year basis. Equities research analysts anticipate that Spotify will post -1.69 earnings per share for the current year.

A number of large investors have recently made changes to their positions in SPOT. Exane Asset Management bought a new position in Spotify in the fourth quarter valued at approximately $1,953,000. Charles Schwab Investment Management Inc. grew its stake in shares of Spotify by 20.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,079 shares of the company’s stock worth $1,209,000 after buying an additional 1,360 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Spotify during the fourth quarter worth $49,000. Piedmont Investment Advisors Inc. grew its stake in shares of Spotify by 1.8% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 8,879 shares of the company’s stock worth $1,328,000 after buying an additional 158 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Spotify by 1,332.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 76,892 shares of the company’s stock worth $11,499,000 after buying an additional 71,526 shares during the last quarter. 54.76% 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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