Spotify (SPOT) Shares Gap Down to $144.95

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Spotify (NASDAQ:SPOT) shares gapped down prior to trading on Monday . The stock had previously closed at $148.90, but opened at $144.95. Spotify shares last traded at $138.55, with a volume of 2004971 shares traded.

Several research analysts recently commented on SPOT shares. Deutsche Bank dropped their target price on shares of Spotify from $152.00 to $135.00 and set a “hold” rating on the stock in a report on Monday, January 7th. Royal Bank of Canada restated an “outperform” rating on shares of Spotify in a report on Thursday, February 7th. Guggenheim downgraded shares of Spotify from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $190.00 to $120.00 in a report on Monday, January 7th. Rosenblatt Securities restated a “buy” rating and set a $169.00 price objective (down previously from $171.00) on shares of Spotify in a report on Sunday, February 10th. Finally, Zacks Investment Research downgraded shares of Spotify from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $188.14.

Spotify (NASDAQ:SPOT) last posted its earnings results on Wednesday, February 6th. The company reported $0.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.65. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. Spotify’s quarterly revenue was up 30.1% compared to the same quarter last year.

Several hedge funds have recently made changes to their positions in SPOT. Baillie Gifford & Co. raised its stake in shares of Spotify by 15.7% during the fourth quarter. Baillie Gifford & Co. now owns 17,565,904 shares of the company’s stock worth $1,993,730,000 after buying an additional 2,388,913 shares during the last quarter. Morgan Stanley raised its stake in shares of Spotify by 133.2% during the third quarter. Morgan Stanley now owns 3,963,794 shares of the company’s stock worth $716,773,000 after buying an additional 2,263,937 shares during the last quarter. Coatue Management LLC raised its stake in shares of Spotify by 70.5% during the fourth quarter. Coatue Management LLC now owns 3,695,289 shares of the company’s stock worth $419,415,000 after buying an additional 1,528,312 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Spotify by 8.2% during the third quarter. JPMorgan Chase & Co. now owns 1,189,947 shares of the company’s stock worth $215,178,000 after buying an additional 90,326 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its stake in shares of Spotify by 11.2% during the third quarter. Neuberger Berman Group LLC now owns 643,599 shares of the company’s stock worth $116,382,000 after buying an additional 65,079 shares during the last quarter.

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About Spotify (NASDAQ:SPOT)

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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