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

Cantor Fitzgerald reiterated their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a research report released on Monday morning, Benzinga reports. They currently have a $340.00 price objective on the stock.

A number of other analysts have also recently weighed in on SPOT. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an overweight rating in a research note on Wednesday, July 24th. Bank of America increased their target price on Spotify Technology from $370.00 to $380.00 and gave the company 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 boosted their price target for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Wolfe Research initiated coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an outperform rating and a $390.00 price objective for the company. Finally, Macquarie upped their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and a consensus target price of $359.14.

Spotify Technology Trading Down 2.3 %

Shares of SPOT stock opened at $362.94 on Monday. 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 has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. The company has a market cap of $72.24 billion, a PE ratio of -541.69 and a beta of 1.58. The stock’s fifty day moving average price is $344.49 and its two-hundred day moving average price is $315.87.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.69) earnings per share. Equities analysts predict that Spotify Technology will post 6.24 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its position in Spotify Technology by 9.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,939 shares of the company’s stock valued at $1,680,000 after acquiring an additional 776 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares during the last quarter. CenterBook Partners LP bought a new position in Spotify Technology during the 4th quarter valued at $269,000. Prudential PLC purchased a new position in Spotify Technology during the 4th quarter worth $263,000. Finally, Mmbg Investment Advisors CO. bought a new stake in shares of Spotify Technology in the 4th quarter worth $225,000. Institutional investors 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.