Spotify (SPOT) Coverage Initiated by Analysts at Rosenblatt Securities

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Research analysts at Rosenblatt Securities began coverage on shares of Spotify (NASDAQ:SPOT) in a research report issued to clients and investors on Tuesday. The brokerage set a “buy” rating and a $181.00 price target on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 27.75% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity increased their price target on Spotify from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Friday, July 27th. Stifel Nicolaus increased their price target on Spotify from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, July 27th. Nomura started coverage on Spotify in a research report on Tuesday, July 10th. They set a “buy” rating and a $210.00 price target on the stock. BTIG Research started coverage on Spotify in a research report on Monday, July 23rd. They set a “buy” rating and a $230.00 price target on the stock. Finally, Buckingham Research increased their price target on Spotify from $195.00 to $201.00 and gave the stock a “buy” rating in a research report on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. Spotify presently has a consensus rating of “Buy” and an average target price of $204.14.

SPOT traded up $2.57 during midday trading on Tuesday, hitting $141.68. 3,070,774 shares of the company were exchanged, compared to its average volume of 2,069,596. Spotify has a 1-year low of $131.01 and a 1-year high of $198.99.

A number of institutional investors have recently modified their holdings of the stock. GWM Advisors LLC purchased a new position in Spotify in the 3rd quarter valued at about $286,000. Columbus Circle Investors lifted its stake in Spotify by 37.8% in the 3rd quarter. Columbus Circle Investors now owns 162,606 shares of the company’s stock valued at $29,404,000 after buying an additional 44,617 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Spotify by 45.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 6,741 shares of the company’s stock valued at $1,219,000 after buying an additional 2,098 shares in the last quarter. Waratah Capital Advisors Ltd. lifted its stake in Spotify by 18.2% in the 3rd quarter. Waratah Capital Advisors Ltd. now owns 37,880 shares of the company’s stock valued at $6,850,000 after buying an additional 5,824 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Spotify by 12.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 329,614 shares of the company’s stock valued at $59,883,000 after buying an additional 36,947 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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Analyst Recommendations for Spotify (NASDAQ:SPOT)

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