Spotify (SPOT) Price Target Cut to $135.00 by Analysts at Deutsche Bank

Spotify (NASDAQ:SPOT) had its price objective decreased by Deutsche Bank from $152.00 to $135.00 in a research note published on Monday. Deutsche Bank currently has a hold rating on the stock.

Several other equities analysts have also issued reports on the stock. Guggenheim lowered shares of Spotify from a buy rating to a neutral rating and cut their price target for the stock from $190.00 to $120.00 in a report on Monday. B. Riley reissued a neutral rating and set a $132.00 price objective (down from $200.00) on shares of Spotify in a report on Friday, December 21st. Zacks Investment Research lowered shares of Spotify from a buy rating to a hold rating in a report on Wednesday, November 7th. Wells Fargo & Co decreased their target price on shares of Spotify from $180.00 to $150.00 and set a market perform rating for the company in a research report on Monday, November 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Spotify from $225.00 to $200.00 and set an overweight rating for the company in a research report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Spotify has an average rating of Buy and a consensus price target of $192.07.

Spotify stock opened at $123.93 on Monday. Spotify has a fifty-two week low of $103.29 and a fifty-two week high of $198.99.

Spotify (NASDAQ:SPOT) last posted its quarterly earnings results on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.51) by $0.74. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. The firm’s revenue was up 31.0% compared to the same quarter last year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower View Investment Management & Research LLC grew its position in shares of Spotify by 4.0% in the 4th quarter. Tower View Investment Management & Research LLC now owns 4,121 shares of the company’s stock valued at $468,000 after buying an additional 160 shares during the last quarter. Belpointe Asset Management LLC grew its position in Spotify by 30.2% during the 3rd quarter. Belpointe Asset Management LLC now owns 1,627 shares of the company’s stock worth $294,000 after purchasing an additional 377 shares during the last quarter. Avitas Wealth Management LLC grew its position in Spotify by 9.1% during the 3rd quarter. Avitas Wealth Management LLC now owns 3,084 shares of the company’s stock worth $558,000 after purchasing an additional 257 shares during the last quarter. Rehmann Capital Advisory Group purchased a new position in Spotify during the 3rd quarter worth $176,000. Finally, Marshall Wace North America L.P. grew its position in Spotify by 120.5% during the 3rd quarter. Marshall Wace North America L.P. now owns 36,143 shares of the company’s stock worth $6,536,000 after purchasing an additional 19,749 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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