Spotify (NYSE:SPOT) Earns Hold Rating from Pivotal Research
Pivotal Research reissued their hold rating on shares of Spotify (NYSE:SPOT) in a research report released on Wednesday morning, TipRanks reports. They currently have a $200.00 price target on the stock.
A number of other research firms also recently weighed in on SPOT. UBS Group downgraded Spotify from a buy rating to a sell rating and lifted their price objective for the company from $189.00 to $204.00 in a report on Tuesday, July 14th. CSFB boosted their target price on Spotify from $125.00 to $130.00 and gave the stock a neutral rating in a report on Thursday, April 30th. ValuEngine downgraded Spotify from a buy rating to a hold rating in a report on Thursday, July 2nd. Raymond James downgraded Spotify from a strong-buy rating to a market perform rating in a report on Monday, April 6th. Finally, Zacks Investment Research downgraded Spotify from a buy rating to a hold rating in a report on Thursday, July 16th. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company. Spotify presently has a consensus rating of Hold and an average price target of $228.74.
NYSE SPOT opened at $257.82 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.92 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average is $251.68 and its two-hundred day moving average is $173.63. The company has a market capitalization of $46.21 billion, a price-to-earnings ratio of -81.33 and a beta of 1.65. Spotify has a 1-year low of $109.18 and a 1-year high of $299.67.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Company LLC bought a new stake in shares of Spotify in the 1st quarter valued at $42,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Spotify in the 1st quarter valued at $45,000. Aigen Investment Management LP bought a new stake in shares of Spotify in the 1st quarter valued at $51,000. Eudaimonia Partners LLC bought a new stake in shares of Spotify in the 1st quarter valued at $55,000. Finally, Verus Capital Partners LLC bought a new stake in shares of Spotify in the 4th quarter valued at $59,000. Institutional investors and hedge funds own 54.77% of the company’s stock.
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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