Spotify (NASDAQ:SPOT) Downgraded by Evercore ISI

Evercore ISI cut shares of Spotify (NASDAQ:SPOT) from an in-line rating to an underperform rating in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has $110.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Nomura increased their price target on shares of Spotify from $188.00 to $190.00 and gave the stock a buy rating in a report on Tuesday, April 30th. UBS Group increased their target price on shares of Spotify from $180.00 to $182.00 and gave the company a buy rating in a report on Tuesday, April 30th. Rosenblatt Securities reaffirmed a buy rating on shares of Spotify in a report on Tuesday, April 30th. Pivotal Research reaffirmed a buy rating and issued a $155.00 target price (down from $165.00) on shares of Spotify in a report on Monday, April 29th. Finally, Buckingham Research dropped their target price on shares of Spotify from $174.00 to $165.00 and set a buy rating for the company in a report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Spotify has an average rating of Buy and an average price target of $177.16.

Shares of SPOT opened at $142.10 on Monday. Spotify has a fifty-two week low of $103.29 and a fifty-two week high of $198.99. The business’s 50-day simple moving average is $136.00.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CX Institutional bought a new stake in shares of Spotify in the 1st quarter worth about $31,000. Catalyst Capital Advisors LLC increased its position in shares of Spotify by 86.8% in the 1st quarter. Catalyst Capital Advisors LLC now owns 269 shares of the company’s stock worth $37,000 after purchasing an additional 125 shares during the last quarter. Flagship Harbor Advisors LLC increased its position in shares of Spotify by 40.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 280 shares of the company’s stock worth $38,000 after purchasing an additional 81 shares during the last quarter. Icon Wealth Partners LLC bought a new stake in shares of Spotify in the 1st quarter worth about $42,000. Finally, Valeo Financial Advisors LLC increased its position in shares of Spotify by 76.9% in the 1st quarter. Valeo Financial Advisors LLC now owns 345 shares of the company’s stock worth $48,000 after purchasing an additional 150 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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