Spotify (NYSE:SPOT) had its price target boosted by analysts at Deutsche Bank from $144.00 to $240.00 in a note issued to investors on Thursday, The Fly reports. The brokerage currently has a “hold” rating on the stock. Deutsche Bank’s price target would suggest a potential downside of 6.91% from the company’s previous close. The analysts noted that the move was a valuation call.

Several other analysts also recently commented on the company. Royal Bank of Canada reaffirmed a “buy” rating and set a $320.00 price objective on shares of Spotify in a research note on Friday, July 10th. SunTrust Banks increased their target price on Spotify from $167.00 to $290.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on Spotify from $185.00 to $305.00 in a research note on Monday, July 6th. Morgan Stanley reissued a “buy” rating and set a $275.00 target price on shares of Spotify in a research note on Tuesday. Finally, Goldman Sachs Group increased their target price on Spotify from $205.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $228.74.

SPOT traded down $3.97 on Thursday, hitting $257.82. 1,811,692 shares of the company traded hands, compared to its average volume of 2,779,110. The company has a 50 day moving average of $251.68 and a 200-day moving average of $173.63. The company has a quick ratio of 0.92, a current ratio of 0.82 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $46.21 billion, a PE ratio of -81.33 and a beta of 1.65. Spotify has a 12-month low of $109.18 and a 12-month high of $299.67.

Spotify (NYSE:SPOT) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($1.91) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by ($1.43). The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.93 billion. Spotify had a negative net margin of 4.28% and a negative return on equity of 15.49%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.42) earnings per share. On average, research analysts anticipate that Spotify will post -1.64 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Morgan Stanley raised its position in Spotify by 18.6% in the first quarter. Morgan Stanley now owns 16,413,150 shares of the company’s stock valued at $1,993,215,000 after purchasing an additional 2,578,120 shares during the period. BlackRock Inc. raised its position in Spotify by 11.9% in the first quarter. BlackRock Inc. now owns 3,299,170 shares of the company’s stock valued at $400,651,000 after purchasing an additional 349,987 shares during the period. Norges Bank purchased a new position in Spotify in the fourth quarter valued at about $204,661,000. State Street Corp grew its stake in shares of Spotify by 10.1% during the first quarter. State Street Corp now owns 1,357,646 shares of the company’s stock valued at $164,873,000 after acquiring an additional 124,485 shares in the last quarter. Finally, Eminence Capital LP grew its stake in shares of Spotify by 16.9% during the first quarter. Eminence Capital LP now owns 1,081,055 shares of the company’s stock valued at $131,283,000 after acquiring an additional 156,575 shares in the last quarter. 54.77% of the stock is currently owned by institutional investors.

About Spotify

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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Analyst Recommendations for Spotify (NYSE:SPOT)

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