Pivotal Research Reaffirms Hold Rating for Spotify (NYSE:SPOT)

Pivotal Research restated their hold rating on shares of Spotify (NYSE:SPOT) in a research note released on Wednesday morning, TipRanks reports. Pivotal Research currently has a $200.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. SunTrust Banks boosted their price target on shares of Spotify from $167.00 to $290.00 and gave the stock a buy rating in a report on Wednesday, July 15th. Credit Suisse Group upped their target price on Spotify from $130.00 to $215.00 and gave the company a neutral rating in a report on Thursday, July 16th. Redburn Partners lowered Spotify from a buy rating to a neutral rating and set a $180.00 price target on the stock. in a report on Thursday, May 28th. Raymond James downgraded Spotify from a strong-buy rating to a market perform rating in a research note on Monday, April 6th. Finally, Goldman Sachs Group raised their target price on Spotify from $205.00 to $280.00 and gave the company a buy rating in a research report on Thursday, June 25th. Six research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $228.74.

Shares of Spotify stock opened at $257.82 on Wednesday. The stock has a 50 day moving average price of $251.68 and a two-hundred day moving average price of $173.63. Spotify has a 52 week low of $109.18 and a 52 week high of $299.67. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 0.82. The stock has a market capitalization of $46.93 billion, a PE ratio of -81.33 and a beta of 1.65.

Spotify (NYSE:SPOT) last posted its earnings results on Wednesday, July 29th. The company reported ($1.91) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.48) by ($1.43). The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.93 billion. Spotify had a negative net margin of 4.28% and a negative return on equity of 15.49%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.42) EPS. Research analysts forecast that Spotify will post -1.64 EPS for the current year.

Hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors lifted its holdings in Spotify by 10,278.6% in the fourth quarter. Captrust Financial Advisors now owns 1,453 shares of the company’s stock valued at $220,000 after acquiring an additional 1,439 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Spotify by 166.5% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,641 shares of the company’s stock valued at $1,247,000 after acquiring an additional 5,398 shares in the last quarter. Brinker Capital Inc. boosted its stake in Spotify by 64.5% in the 4th quarter. Brinker Capital Inc. now owns 3,430 shares of the company’s stock worth $513,000 after purchasing an additional 1,345 shares in the last quarter. Geode Capital Management LLC grew its position in Spotify by 11.6% during the 4th quarter. Geode Capital Management LLC now owns 250,842 shares of the company’s stock worth $37,513,000 after purchasing an additional 26,135 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in Spotify during the 4th quarter valued at approximately $4,524,000. Institutional investors own 54.77% 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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Analyst Recommendations for Spotify (NYSE:SPOT)

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