Cantor Fitzgerald Reaffirms Neutral Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reissued by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $480.00 target price on the stock, down from their previous target price of $490.00. Cantor Fitzgerald’s price target suggests a potential downside of 11.13% from the stock’s previous close.

Several other research analysts also recently issued reports on the stock. Piper Sandler upped their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group increased their target price on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. KeyCorp boosted their price target on Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. Barclays lifted their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $446.21.

Spotify Technology Trading Up 1.8 %

Shares of SPOT stock opened at $540.11 on Tuesday. The company’s fifty day moving average price is $476.28 and its 200-day moving average price is $400.01. The stock has a market cap of $107.51 billion, a PE ratio of 146.77 and a beta of 1.62. Spotify Technology has a 12 month low of $213.31 and a 12 month high of $543.86.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. boosted its holdings in shares of Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares during the last quarter. Joel Isaacson & Co. LLC grew its position in shares of Spotify Technology by 1.9% during the fourth quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after purchasing an additional 29 shares in the last quarter. Avior Wealth Management LLC increased its holdings in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares during the last quarter. Finally, Park National Corp OH lifted its position in shares of Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after buying an additional 31 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

About Spotify Technology

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.