Spotify (SPOT) Price Target Raised to $190.00

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Spotify (NASDAQ:SPOT) had its target price upped by Nomura from $188.00 to $190.00 in a research note released on Tuesday morning, BenzingaRatingsTable reports. Nomura currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on the company. UBS Group raised their price target on Spotify from $180.00 to $182.00 and gave the company a buy rating in a research note on Tuesday. Rosenblatt Securities restated a buy rating on shares of Spotify in a research note on Tuesday. Pivotal Research restated a buy rating and issued a $155.00 price target (down from $165.00) on shares of Spotify in a research note on Monday. Stifel Nicolaus reaffirmed a buy rating and issued a $170.00 price objective on shares of Spotify in a research report on Friday, April 26th. Finally, Raymond James cut their price objective on Spotify from $182.00 to $172.00 and set a strong-buy rating for the company in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $181.93.

SPOT stock traded up $2.40 during mid-day trading on Tuesday, reaching $135.10. The company had a trading volume of 13,516 shares, compared to its average volume of 1,728,848. Spotify has a 52 week low of $103.29 and a 52 week high of $198.99.

Spotify (NASDAQ:SPOT) last posted its quarterly earnings results on Monday, April 29th. The company reported ($0.90) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.53). The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.47 billion. The firm’s quarterly revenue was up 32.7% on a year-over-year basis. During the same period last year, the company posted ($1.01) EPS.

A number of large investors have recently added to or reduced their stakes in SPOT. JPMorgan Chase & Co. lifted its holdings in Spotify by 8.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,189,947 shares of the company’s stock worth $215,178,000 after purchasing an additional 90,326 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Spotify by 129.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 88,115 shares of the company’s stock worth $15,934,000 after purchasing an additional 49,726 shares during the last quarter. BlackRock Inc. lifted its holdings in Spotify by 15.7% during the 3rd quarter. BlackRock Inc. now owns 158,434 shares of the company’s stock worth $28,648,000 after purchasing an additional 21,553 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in Spotify by 38.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,673 shares of the company’s stock worth $845,000 after purchasing an additional 1,289 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in Spotify by 11.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 643,599 shares of the company’s stock worth $116,382,000 after purchasing an additional 65,079 shares during 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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