Spotify (SPOT) Given New $200.00 Price Target at Barclays

Spotify (NASDAQ:SPOT) had its price target decreased by Barclays from $210.00 to $200.00 in a research report sent to investors on Friday. Barclays currently has an overweight rating on the stock.

A number of other analysts have also commented on SPOT. Bank of America lifted their price objective on Spotify to $230.00 and gave the stock a buy rating in a research report on Monday, July 30th. Oppenheimer began coverage on Spotify in a research report on Tuesday, July 10th. They issued a market perform rating for the company. Redburn Partners upgraded Spotify to a buy rating in a research report on Monday, October 15th. Loop Capital lifted their price objective on Spotify to $150.00 and gave the stock a sell rating in a research report on Friday, July 27th. Finally, Guggenheim lifted their price objective on Spotify from $175.00 to $210.00 and gave the stock a buy rating in a research report on Wednesday, September 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $200.04.

Shares of NASDAQ:SPOT traded down $2.17 during midday trading on Friday, reaching $138.99. The company’s stock had a trading volume of 2,238,197 shares, compared to its average volume of 2,122,803. Spotify has a fifty-two week low of $131.01 and a fifty-two week high of $198.99.

Spotify (NASDAQ:SPOT) last announced its earnings results on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.74. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. The business’s revenue was up 31.0% compared to the same quarter last year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC boosted its holdings in Spotify by 51.7% during the third quarter. Parallel Advisors LLC now owns 1,549 shares of the company’s stock worth $280,000 after buying an additional 528 shares during the last quarter. Archford Capital Strategies LLC bought a new position in Spotify during the second quarter worth about $103,000. Financial Architects Inc bought a new position in Spotify during the second quarter worth about $154,000. Benjamin F. Edwards & Company Inc. bought a new position in Spotify during the second quarter worth about $195,000. Finally, Thompson Davis & CO. Inc. bought a new position in Spotify during the second quarter worth about $202,000.

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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