Spotify (NASDAQ:SPOT) Now Covered by Consumer Edge

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Consumer Edge initiated coverage on shares of Spotify (NASDAQ:SPOT) in a report released on Tuesday morning, The Fly reports. The firm issued an equal weight rating on the stock.

A number of other equities research analysts have also commented on the company. Raymond James upped their target price on Spotify from $172.00 to $180.00 and gave the company a strong-buy rating in a research report on Thursday, July 25th. UBS Group lowered Spotify from a buy rating to a hold rating and dropped their target price for the company from $155.00 to $150.00 in a research report on Wednesday, July 31st. Pivotal Research reiterated a hold rating and issued a $150.00 target price (down previously from $155.00) on shares of Spotify in a research report on Wednesday, July 31st. SunTrust Banks upped their target price on Spotify to $172.00 and gave the company a buy rating in a research report on Monday, August 5th. Finally, Buckingham Research dropped their target price on Spotify from $174.00 to $165.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $169.09.

SPOT opened at $138.02 on Tuesday. Spotify has a 52-week low of $103.29 and a 52-week high of $196.95. The firm’s 50-day moving average price is $150.11 and its 200-day moving average price is $142.12.

Spotify (NASDAQ:SPOT) last issued its earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Spotify’s quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.20) EPS.

A number of institutional investors have recently added to or reduced their stakes in SPOT. Pier Capital LLC purchased a new position in shares of Spotify during the 1st quarter valued at approximately $493,000. Gruss & Co. Inc. lifted its position in shares of Spotify by 52.8% during the 1st quarter. Gruss & Co. Inc. now owns 6,075 shares of the company’s stock valued at $843,000 after buying an additional 2,100 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Spotify by 15.2% during the 1st quarter. ARK Investment Management LLC now owns 455,979 shares of the company’s stock valued at $63,290,000 after buying an additional 60,137 shares in the last quarter. FMR LLC lifted its position in shares of Spotify by 47.8% during the 1st quarter. FMR LLC now owns 676,018 shares of the company’s stock valued at $93,831,000 after buying an additional 218,639 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its position in shares of Spotify by 148.9% during the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock valued at $33,000 after buying an additional 134 shares in the last quarter.

About Spotify

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

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