Spotify (SPOT) Upgraded to Buy by Pivotal Research

Pivotal Research upgraded shares of Spotify (NASDAQ:SPOT) from a hold rating to a buy rating in a report released on Friday morning, Marketbeat reports. They currently have $190.00 price objective on the stock, down from their previous price objective of $200.00.

SPOT has been the topic of several other research reports. MKM Partners boosted their price target on shares of Spotify from $200.00 to $245.00 and gave the company a buy rating in a research report on Wednesday, August 22nd. Buckingham Research boosted their price target on shares of Spotify from $195.00 to $201.00 and gave the company a buy rating in a research report on Friday, July 20th. Morgan Stanley boosted their price target on shares of Spotify from $190.00 to $225.00 and gave the company an overweight rating in a research report on Friday, July 27th. Wells Fargo & Co boosted their price target on shares of Spotify to $180.00 and gave the company a market perform rating in a research report on Friday, July 27th. Finally, Guggenheim boosted their price target on shares of Spotify from $175.00 to $210.00 and gave the company a buy rating in a research report on Wednesday, September 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Spotify currently has an average rating of Buy and a consensus price target of $206.58.

SPOT stock traded up $6.22 during mid-day trading on Friday, hitting $158.49. The company had a trading volume of 2,773,784 shares, compared to its average volume of 2,084,735. Spotify has a 12 month low of $135.51 and a 12 month high of $198.99.

Spotify (NASDAQ:SPOT) last announced its quarterly earnings data on Thursday, July 26th. The company reported ($2.20) EPS for the quarter, missing the consensus estimate of ($0.63) by ($1.57). The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. The business’s revenue for the quarter was up 26.4% on a year-over-year basis.

A number of institutional investors have recently bought and sold shares of the stock. Tower View Investment Management & Research LLC bought a new stake in Spotify during the 3rd quarter worth approximately $716,000. Parkside Advisors LLC bought a new stake in Spotify during the 3rd quarter worth approximately $2,580,000. Quattro Financial Advisors LLC bought a new stake in Spotify during the 3rd quarter worth approximately $981,000. Addison Capital Co bought a new stake in Spotify during the 3rd quarter worth approximately $364,000. Finally, Worm Capital LLC bought a new stake in Spotify during the 3rd quarter worth approximately $16,475,000.

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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