Spotify Technology (NYSE:SPOT) Rating Reiterated by Cantor Fitzgerald

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating restated by analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They presently have a $340.00 target price on the stock. Cantor Fitzgerald’s target price indicates a potential downside of 9.41% from the stock’s previous close.

A number of other analysts have also recently commented on SPOT. Macquarie raised their price objective on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Pivotal Research increased their price target on Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Jefferies Financial Group reiterated a “buy” rating and set a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Guggenheim boosted their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and raised their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $375.31 on Monday. The firm has a fifty day moving average of $341.86 and a two-hundred day moving average of $313.40. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $74.71 billion, a price-to-earnings ratio of -560.16 and a beta of 1.57. Spotify Technology has a 52 week low of $145.76 and a 52 week high of $389.23.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Park National Corp OH grew its position in shares of Spotify Technology by 9.8% during the 3rd quarter. Park National Corp OH now owns 762 shares of the company’s stock worth $281,000 after purchasing an additional 68 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Spotify Technology by 4,605.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 38,300 shares of the company’s stock worth $12,018,000 after purchasing an additional 37,486 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Spotify Technology during the 2nd quarter worth approximately $667,000. American Trust grew its position in shares of Spotify Technology by 38.1% during the 2nd quarter. American Trust now owns 1,547 shares of the company’s stock worth $485,000 after purchasing an additional 427 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Spotify Technology during the 2nd quarter worth approximately $2,074,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.