Spotify (NYSE:SPOT) Price Target Raised to $275.00 at Morgan Stanley

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.

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

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.

About Spotify

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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