Shares of Spotify (NASDAQ:SPOT) gapped down prior to trading on Monday . The stock had previously closed at $148.90, but opened at $144.95. Spotify shares last traded at $138.55, with a volume of 2004971 shares trading hands.
Several analysts recently weighed in on SPOT shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $170.00 price objective (down from $200.00) on shares of Spotify in a research note on Friday, January 11th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Spotify in a research note on Thursday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $169.00 price objective (down from $171.00) on shares of Spotify in a research note on Sunday, February 10th. Wells Fargo & Co reduced their price objective on Spotify from $150.00 to $140.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 16th. Finally, Guggenheim lowered Spotify from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $190.00 to $120.00 in a research note on Monday, January 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $188.43.
Spotify (NASDAQ:SPOT) last announced its quarterly earnings results on Wednesday, February 6th. The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.65. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. Spotify’s revenue for the quarter was up 30.1% compared to the same quarter last year.
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About Spotify (NASDAQ:SPOT)
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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