Spotify (NASDAQ:SPOT) Now Covered by Consumer Edge

Consumer Edge assumed coverage on shares of Spotify (NASDAQ:SPOT) in a research note released on Tuesday morning, The Fly reports. The firm issued an equal weight rating on the stock.

A number of other equities analysts have also recently commented on SPOT. Morgan Stanley restated an overweight rating and set a $180.00 target price (up from $170.00) on shares of Spotify in a report on Thursday, August 1st. Rosenblatt Securities restated a buy rating on shares of Spotify in a report on Tuesday, April 30th. Evercore ISI cut Spotify from an in-line rating to an underperform rating and set a $110.00 target price for the company. in a report on Monday, June 24th. Nomura raised their target price on Spotify from $188.00 to $190.00 and gave the company a buy rating in a report on Tuesday, April 30th. Finally, Loop Capital upgraded Spotify from a sell rating to a hold rating in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Spotify has an average rating of Buy and an average target price of $169.09.

NASDAQ SPOT opened at $138.02 on Tuesday. Spotify has a twelve month low of $103.29 and a twelve month high of $196.95. The stock has a fifty day simple moving average of $150.11 and a 200-day simple moving average of $142.12.

Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.04. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.64 billion. The business’s revenue for the quarter was up 31.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($2.20) earnings per share.

Institutional investors and hedge funds have recently made changes to their positions in the company. Pier Capital LLC purchased a new position in shares of Spotify in the 1st quarter valued at about $493,000. Gruss & Co. Inc. raised its position in shares of Spotify by 52.8% during the 1st quarter. Gruss & Co. Inc. now owns 6,075 shares of the company’s stock worth $843,000 after acquiring an additional 2,100 shares in the last quarter. ARK Investment Management LLC raised its position in shares of Spotify by 15.2% during the 1st quarter. ARK Investment Management LLC now owns 455,979 shares of the company’s stock worth $63,290,000 after acquiring an additional 60,137 shares in the last quarter. FMR LLC raised its position in shares of Spotify by 47.8% during the 1st quarter. FMR LLC now owns 676,018 shares of the company’s stock worth $93,831,000 after acquiring an additional 218,639 shares in the last quarter. Finally, AdvisorNet Financial Inc raised its position in shares of Spotify by 148.9% during the 2nd quarter. AdvisorNet Financial Inc now owns 224 shares of the company’s stock worth $33,000 after acquiring an additional 134 shares in 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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