Spotify (NYSE:SPOT) had its price target hoisted by Morgan Stanley from $190.00 to $275.00 in a research report released on Monday, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the stock.
SPOT has been the topic of a number of other reports. Nomura restated a buy rating and set a $180.00 target price on shares of Spotify in a report on Thursday, April 30th. Stifel Nicolaus restated a buy rating and set a $175.00 target price on shares of Spotify in a report on Tuesday, April 28th. Canaccord Genuity reaffirmed a buy rating and set a $185.00 price objective (up from $175.00) on shares of Spotify in a research report on Thursday, April 30th. Guggenheim cut shares of Spotify from a neutral rating to a sell rating and lifted their price objective for the stock from $170.00 to $223.00 in a research report on Monday. Finally, UBS Group lifted their price objective on shares of Spotify from $172.00 to $189.00 and gave the stock a buy rating in a research report on Thursday, April 30th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $188.92.
Shares of SPOT opened at $271.49 on Monday. The company has a market cap of $46.41 billion, a price-to-earnings ratio of -176.29 and a beta of 1.64. Spotify has a 1-year low of $109.18 and a 1-year high of $274.30. The company’s fifty day simple moving average is $199.58 and its 200 day simple moving average is $156.59.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley lifted its position in Spotify by 18.6% during the first quarter. Morgan Stanley now owns 16,413,150 shares of the company’s stock worth $1,993,215,000 after purchasing an additional 2,578,120 shares during the period. BlackRock Inc. lifted its position in Spotify by 11.9% during the first quarter. BlackRock Inc. now owns 3,299,170 shares of the company’s stock worth $400,651,000 after purchasing an additional 349,987 shares during the period. Renaissance Technologies LLC lifted its position in Spotify by 10.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,628,220 shares of the company’s stock worth $243,500,000 after purchasing an additional 154,900 shares during the period. Norges Bank bought a new stake in Spotify during the fourth quarter worth about $204,661,000. Finally, State Street Corp lifted its position in Spotify by 10.1% during the first quarter. State Street Corp now owns 1,357,646 shares of the company’s stock worth $164,873,000 after purchasing an additional 124,485 shares during the period. 54.76% of the stock is owned by institutional investors and hedge funds.
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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