Spotify Technology (NYSE:SPOT) Stock Rating Reaffirmed by Cantor Fitzgerald

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reiterated by equities researchers at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $340.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential downside of 8.13% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Bank of America boosted their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and increased their price target for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. UBS Group lifted their price objective on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. KeyCorp upped their target price on Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, Pivotal Research raised their price objective on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Trading Up 1.3 %

Shares of Spotify Technology stock traded up $4.91 on Monday, hitting $370.08. The stock had a trading volume of 334,724 shares, compared to its average volume of 1,896,892. The stock has a 50 day moving average of $331.49 and a 200 day moving average of $307.67. The firm has a market capitalization of $70.39 billion, a P/E ratio of -552.36 and a beta of 1.57. Spotify Technology has a twelve month low of $145.76 and a twelve month high of $370.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.69) earnings per share. Sell-side analysts expect that Spotify Technology will post 6.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently modified their holdings of SPOT. Dimensional Fund Advisors LP grew its stake in Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock valued at $49,142,000 after purchasing an additional 4,352 shares during the period. Principal Financial Group Inc. increased its holdings in Spotify Technology by 212.6% during the fourth quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock worth $10,177,000 after buying an additional 36,835 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Spotify Technology by 191.4% during the fourth quarter. Quadrant Capital Group LLC now owns 271 shares of the company’s stock worth $51,000 after buying an additional 178 shares during the last quarter. Clearbridge Investments LLC raised its position in Spotify Technology by 3.6% in the fourth quarter. Clearbridge Investments LLC now owns 6,854 shares of the company’s stock worth $1,288,000 after acquiring an additional 236 shares during the period. Finally, Corient Private Wealth LLC boosted its stake in Spotify Technology by 0.8% in the fourth quarter. Corient Private Wealth LLC now owns 11,775 shares of the company’s stock valued at $2,213,000 after acquiring an additional 97 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

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.