Spotify (NYSE:SPOT) Downgraded by Guggenheim

Guggenheim cut shares of Spotify (NYSE:SPOT) from a neutral rating to a sell rating in a research note issued to investors on Monday, BenzingaRatingsTable reports. The brokerage currently has $223.00 price target on the stock, up from their prior price target of $170.00.

A number of other brokerages also recently commented on SPOT. UBS Group upped their price objective on Spotify from $172.00 to $189.00 and gave the stock a buy rating in a research note on Thursday, April 30th. Sanford C. Bernstein upgraded Spotify from an underperform rating to a market perform rating and set a $124.00 price objective for the company in a research note on Tuesday, March 24th. Raymond James downgraded Spotify from a strong-buy rating to a market perform rating in a research note on Monday, April 6th. Pivotal Research restated a hold rating and set a $140.00 price objective on shares of Spotify in a research note on Wednesday, April 29th. Finally, Monness Crespi & Hardt upped their price objective on Spotify from $200.00 to $275.00 and gave the stock a buy rating in a research note on Friday, June 19th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company’s stock. Spotify presently has an average rating of Hold and a consensus target price of $188.92.

Shares of SPOT opened at $271.49 on Monday. The business’s 50 day moving average is $199.58 and its two-hundred day moving average is $156.59. Spotify has a 52-week low of $109.18 and a 52-week high of $274.30. The firm has a market cap of $46.41 billion, a price-to-earnings ratio of -176.29 and a beta of 1.64.

Spotify (NYSE:SPOT) last issued its quarterly earnings results on Wednesday, April 29th. The company reported ($0.20) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.48) by $0.28. Spotify had a negative return on equity of 1.90% and a negative net margin of 0.53%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the business earned ($0.79) EPS. The business’s quarterly revenue was up 22.3% on a year-over-year basis. On average, analysts anticipate that Spotify will post -1.69 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in SPOT. D.A. Davidson & CO. grew its position in shares of Spotify by 0.3% in the first quarter. D.A. Davidson & CO. now owns 28,548 shares of the company’s stock valued at $3,467,000 after purchasing an additional 80 shares during the last quarter. Utah Retirement Systems grew its holdings in Spotify by 0.4% during the 4th quarter. Utah Retirement Systems now owns 22,549 shares of the company’s stock worth $3,372,000 after acquiring an additional 100 shares during the period. Mount Yale Investment Advisors LLC grew its holdings in Spotify by 0.6% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 18,731 shares of the company’s stock worth $2,275,000 after acquiring an additional 111 shares during the period. Sunbelt Securities Inc. acquired a new stake in Spotify during the 4th quarter worth about $4,524,000. Finally, Veracity Capital LLC grew its holdings in Spotify by 4.8% during the 1st quarter. Veracity Capital LLC now owns 2,772 shares of the company’s stock worth $337,000 after acquiring an additional 128 shares during the period. 54.76% of the stock is currently owned by institutional investors and hedge funds.

Spotify Company Profile

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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Analyst Recommendations for Spotify (NYSE:SPOT)

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