Spotify Technology’s (SPOT) “Neutral” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a research report sent to investors on Monday, Benzinga reports. Cantor Fitzgerald currently has a $340.00 price target on the stock.

Other equities research analysts have also recently issued reports about the company. Barclays increased their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an overweight rating in a research note on Wednesday, July 24th. Morgan Stanley upped their price target on Spotify Technology from $370.00 to $400.00 and gave the company an overweight rating in a report on Wednesday, July 24th. Guggenheim lifted their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a buy rating in a report on Wednesday, July 24th. KeyCorp raised their price target on shares of Spotify Technology from $420.00 to $440.00 and gave the company an overweight rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a neutral rating to a buy rating and increased their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology has a consensus rating of Moderate Buy and an average target price of $359.14.

Spotify Technology Stock Down 0.1 %

Shares of NYSE SPOT opened at $374.87 on Monday. The firm’s fifty day moving average is $342.63 and its 200 day moving average is $313.83. Spotify Technology has a 52 week low of $145.76 and a 52 week high of $389.23. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $74.62 billion, a price-to-earnings ratio of -559.50 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.69) earnings per share. On average, equities research analysts expect that Spotify Technology will post 6.26 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after buying an additional 18,731 shares during the period. TD Asset Management Inc increased its stake in Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after acquiring an additional 12,192 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after purchasing an additional 299,700 shares during the period. Bridgewater Associates LP lifted its stake in shares of Spotify Technology by 71.8% in the 4th quarter. Bridgewater Associates LP now owns 171,068 shares of the company’s stock valued at $32,145,000 after purchasing an additional 71,518 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of Spotify Technology by 121.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after purchasing an additional 4,060 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.