Spotify (SPOT) Upgraded by Redburn Partners to “Buy”

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Redburn Partners upgraded shares of Spotify (NASDAQ:SPOT) to a buy rating in a research report released on Monday, October 15th.

A number of other research firms have also weighed in on SPOT. BTIG Research started coverage on shares of Spotify in a report on Monday, July 23rd. They issued a buy rating and a $230.00 target price on the stock. Buckingham Research upped their target price on shares of Spotify from $195.00 to $201.00 and gave the stock a buy rating in a report on Friday, July 20th. Zacks Investment Research lowered shares of Spotify from a hold rating to a sell rating in a research note on Friday, July 27th. JPMorgan Chase & Co. increased their price objective on shares of Spotify from $190.00 to $225.00 and gave the company an overweight rating in a research note on Friday, July 27th. Finally, MKM Partners increased their price objective on shares of Spotify from $200.00 to $245.00 and gave the company a buy rating in a research note on Wednesday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Spotify presently has a consensus rating of Buy and a consensus price target of $198.96.

Shares of NASDAQ SPOT traded up $1.06 during trading on Monday, hitting $138.06. 2,571,605 shares of the company traded hands, compared to its average volume of 2,125,615. 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 quarterly earnings data on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.74. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. The company’s quarterly revenue was up 31.0% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. Archford Capital Strategies LLC purchased a new stake in Spotify in the 2nd quarter worth approximately $103,000. Financial Architects Inc purchased a new stake in shares of Spotify during the 2nd quarter valued at $154,000. Parallel Advisors LLC purchased a new stake in shares of Spotify during the 2nd quarter valued at $171,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Spotify during the 2nd quarter valued at $195,000. Finally, Highlander Capital Management LLC purchased a new stake in shares of Spotify during the 2nd quarter valued at $202,000.

About Spotify

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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