Spotify (NASDAQ:SPOT) shares gapped down prior to trading on Monday . The stock had previously closed at $148.90, but opened at $144.95. Spotify shares last traded at $138.55, with a volume of 2004971 shares traded.
Several research analysts recently commented on SPOT shares. Deutsche Bank dropped their target price on shares of Spotify from $152.00 to $135.00 and set a “hold” rating on the stock in a report on Monday, January 7th. Royal Bank of Canada restated an “outperform” rating on shares of Spotify in a report on Thursday, February 7th. 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. Rosenblatt Securities restated a “buy” rating and set a $169.00 price objective (down previously from $171.00) on shares of Spotify in a report on Sunday, February 10th. Finally, Zacks Investment Research downgraded shares of Spotify from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $188.14.
Spotify (NASDAQ:SPOT) last posted its earnings results on Wednesday, February 6th. The company reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.65. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Spotify’s quarterly revenue was up 30.1% compared to the same quarter last year.
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About Spotify (NASDAQ:SPOT)
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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