Spotify Technology (NYSE:SPOT) Receives Neutral Rating from Cantor Fitzgerald

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a report issued on Tuesday,Benzinga reports. They presently have a $480.00 price objective on the stock, down from their previous price objective of $490.00. Cantor Fitzgerald’s price target points to a potential downside of 8.31% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. KeyCorp raised their price objective on shares of Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. Bank of America upped their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Rosenblatt Securities upped their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $446.21.

Spotify Technology Price Performance

Spotify Technology stock traded up $9.50 during mid-day trading on Tuesday, reaching $523.48. The company had a trading volume of 446,062 shares, compared to its average volume of 1,636,760. The stock’s 50-day simple moving average is $473.74 and its 200-day simple moving average is $396.89. The company has a market capitalization of $104.20 billion, a P/E ratio of 142.62 and a beta of 1.62. Spotify Technology has a 1 year low of $213.31 and a 1 year high of $523.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS. On average, equities analysts forecast that Spotify Technology will post 5.91 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in SPOT. Aigen Investment Management LP boosted its position in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares during the period. Pathway Capital Management LP boosted its position in Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares during the period. Perpetual Ltd lifted its position in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares in the last quarter. Covenant Asset Management LLC acquired a new stake in Spotify Technology during the third quarter valued at $3,364,000. Finally, Kestra Investment Management LLC purchased a new position in Spotify Technology in the third quarter valued at about $780,000. 84.09% of the stock is currently 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.