Spotify (SPOT) Earns Overweight Rating from Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Spotify (NASDAQ:SPOT) in a research note published on Friday morning, MarketBeat reports. They currently have a $170.00 price target on the stock, down from their previous price target of $200.00.

Other research analysts also recently issued research reports about the stock. Evercore ISI downgraded shares of Spotify to an outperform rating and dropped their price objective for the stock from $210.00 to $155.00 in a report on Thursday, November 1st. Canaccord Genuity dropped their price objective on shares of Spotify from $220.00 to $200.00 and set a buy rating on the stock in a report on Friday, November 2nd. Guggenheim downgraded shares of Spotify from a buy rating to a neutral rating and dropped their price objective for the stock from $190.00 to $120.00 in a report on Monday, January 7th. UBS Group upgraded shares of Spotify from a neutral rating to a buy rating in a report on Monday, October 15th. Finally, Nomura dropped their price objective on shares of Spotify from $210.00 to $190.00 and set a buy rating on the stock in a report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $190.11.

NASDAQ:SPOT opened at $120.52 on Friday. Spotify has a 52-week low of $103.29 and a 52-week high of $198.99.

Spotify (NASDAQ:SPOT) last posted its quarterly earnings data on Thursday, November 1st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.74. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. The business’s revenue for the quarter was up 31.0% on a year-over-year basis.

A number of large investors have recently added to or reduced their stakes in the business. Tower View Investment Management & Research LLC boosted its position in Spotify by 4.0% in the fourth quarter. Tower View Investment Management & Research LLC now owns 4,121 shares of the company’s stock valued at $468,000 after buying an additional 160 shares in the last quarter. Belpointe Asset Management LLC boosted its position in Spotify by 30.2% in the third quarter. Belpointe Asset Management LLC now owns 1,627 shares of the company’s stock valued at $294,000 after buying an additional 377 shares in the last quarter. Avitas Wealth Management LLC boosted its position in Spotify by 9.1% in the third quarter. Avitas Wealth Management LLC now owns 3,084 shares of the company’s stock valued at $558,000 after buying an additional 257 shares in the last quarter. Rehmann Capital Advisory Group acquired a new position in Spotify in the third quarter valued at about $176,000. Finally, Marshall Wace North America L.P. boosted its position in Spotify by 120.5% in the third quarter. Marshall Wace North America L.P. now owns 36,143 shares of the company’s stock valued at $6,536,000 after buying an additional 19,749 shares in 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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Analyst Recommendations for Spotify (NASDAQ:SPOT)

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