Spotify (SPOT) Given New $182.00 Price Target at UBS Group

Spotify (NASDAQ:SPOT) had its target price hoisted by UBS Group from $180.00 to $182.00 in a research report sent to investors on Tuesday, April 30th, BenzingaRatingsTable reports. They currently have a buy rating on the stock.

SPOT has been the topic of a number of other research reports. Wells Fargo & Co cut their price objective on shares of Spotify from $150.00 to $140.00 and set a market perform rating on the stock in a research report on Wednesday, January 16th. Morgan Stanley reiterated an overweight rating and set a $170.00 price objective (down previously from $200.00) on shares of Spotify in a research report on Friday, January 11th. Zacks Investment Research cut shares of Spotify from a hold rating to a sell rating in a research report on Wednesday, April 10th. Stifel Nicolaus reiterated a buy rating and set a $170.00 price objective on shares of Spotify in a research report on Friday, April 26th. Finally, Loop Capital cut their price objective on shares of Spotify to $120.00 and set a sell rating on the stock in a research report on Thursday, February 7th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Spotify has a consensus rating of Buy and a consensus target price of $180.73.

Spotify stock traded down $5.15 during mid-day trading on Tuesday, reaching $127.09. 1,958,994 shares of the company’s stock traded hands, compared to its average volume of 1,649,708. Spotify has a 12-month low of $103.29 and a 12-month high of $198.99.

Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Monday, April 29th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.53). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter last year, the firm posted ($1.01) earnings per share. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year.

Several hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its position in shares of Spotify by 6.8% during the first quarter. Baillie Gifford & Co. now owns 18,761,960 shares of the company’s stock valued at $2,604,161,000 after buying an additional 1,196,056 shares during the last quarter. Morgan Stanley raised its position in shares of Spotify by 122.5% in the 1st quarter. Morgan Stanley now owns 10,184,531 shares of the company’s stock valued at $1,413,613,000 after purchasing an additional 5,607,903 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Spotify by 3.1% in the 1st quarter. Wellington Management Group LLP now owns 5,563,817 shares of the company’s stock valued at $772,257,000 after purchasing an additional 167,687 shares during the last quarter. Coatue Management LLC raised its position in shares of Spotify by 70.5% in the 4th quarter. Coatue Management LLC now owns 3,695,289 shares of the company’s stock valued at $419,415,000 after purchasing an additional 1,528,312 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt raised its position in shares of Spotify by 28.4% in the 1st quarter. Alecta Pensionsforsakring Omsesidigt now owns 1,649,000 shares of the company’s stock valued at $228,898,000 after purchasing an additional 365,000 shares during the last quarter.

Spotify Company Profile

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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