Log in

Spotify (NYSE:SPOT) Given Buy Rating at Royal Bank of Canada

Last updated on Saturday, July 11, 2020 | 2020 MarketBeat

Spotify (NYSE:SPOT)'s stock had its "buy" rating restated by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Friday, TipRanks reports. They currently have a $320.00 price objective on the stock. Royal Bank of Canada's price objective points to a potential upside of 16.45% from the company's previous close.

SPOT has been the subject of a number of other research reports. Pivotal Research restated a "hold" rating and set a $140.00 target price on shares of Spotify in a report on Wednesday, April 29th. Canaccord Genuity restated a "buy" rating and issued a $185.00 price objective (up from $175.00) on shares of Spotify in a report on Thursday, April 30th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $175.00 target price on shares of Spotify in a research report on Tuesday, April 28th. Credit Suisse Group lifted their target price on shares of Spotify from $125.00 to $130.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Finally, Rosenblatt Securities lifted their target price on shares of Spotify from $190.00 to $275.00 and gave the company a "buy" rating in a research note on Friday, June 19th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company's stock. The company has an average rating of "Hold" and an average price target of $203.84.

Shares of Spotify stock opened at $274.79 on Friday. The business's 50 day simple moving average is $216.55 and its two-hundred day simple moving average is $161.37. The stock has a market capitalization of $49.25 billion, a P/E ratio of -178.43 and a beta of 1.65. Spotify has a one year low of $109.18 and a one year high of $279.76.

Spotify (NYSE:SPOT) last announced its quarterly earnings results on Wednesday, April 29th. The company reported ($0.20) EPS 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 analysts' expectations of $1.86 billion. Spotify had a negative return on equity of 1.90% and a negative net margin of 0.53%. The business's quarterly revenue was up 22.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.79) EPS. As a group, sell-side analysts forecast that Spotify will post -1.69 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Ameritas Investment Company LLC purchased a new position in Spotify in the first quarter worth about $42,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Spotify in the first quarter worth about $45,000. Aigen Investment Management LP purchased a new position in Spotify in the first quarter worth about $51,000. Eudaimonia Partners LLC purchased a new position in Spotify in the first quarter worth about $55,000. Finally, Verus Capital Partners LLC purchased a new position in Spotify in the fourth quarter worth about $59,000. Institutional investors own 54.76% of the company's stock.

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.

Further Reading: Economic Reports

Analyst Recommendations for Spotify (NYSE:SPOT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

7 Gun Stocks to Buy During the Coronavirus Pandemic

Socially conscious investors may want to stop reading. But the fact is that gun stocks were some of the best-performing stocks at the onset of the coronavirus pandemic. And they continue their positive momentum.

Some of that may be historical. Firearms sales tend to increase during an election year. But of course, this has not started out as a normal election year.

In March, the nation was gripped by pictures of long lines outside gun stores in several U.S. states. The website Ammo.com reported that bullet sales increased by 222% in the period from February 23 through March 15 as opposed to the first three weeks in February.

And according to the Federal Bureau of Investigation’s (FBI) National Instant Criminal Background Check System (NICS), there was a 73% year-over-year increase in background checks in February.

“The world has never seen anything like this and people want to make sure they're prepared for whatever lies ahead, whether that be food shortages, government shutdown, or worse," a spokesperson for Ammo.com said in an emailed statement. "When everything around you is uncertain, having a supply of ammunition can make our customers feel safer."

Given the likelihood of increased firearms sales, we’ve created this presentation that highlights seven gun stocks that you should consider for your portfolio.

View the "7 Gun Stocks to Buy During the Coronavirus Pandemic".

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.