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

Cantor Fitzgerald reissued their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a research note published on Monday, Benzinga reports. The brokerage currently has a $340.00 price objective on the stock.

SPOT has been the topic of several other research reports. DZ Bank raised shares of Spotify Technology from a hold rating to a buy rating and set a $375.00 price target on the stock in a report on Wednesday, July 24th. Barclays raised their price target on Spotify Technology from $350.00 to $360.00 and gave the company an overweight rating in a report on Wednesday, July 24th. Wolfe Research initiated coverage on Spotify Technology in a research report on Friday, July 12th. They set an outperform rating and a $390.00 price target for the company. Pivotal Research upped 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, September 19th. Finally, Bank of America raised their target price on shares of Spotify Technology from $370.00 to $380.00 and gave the company a buy rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $359.14.

Spotify Technology Stock Performance

Shares of SPOT opened at $383.96 on Monday. Spotify Technology has a 1 year low of $145.76 and a 1 year high of $386.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The stock’s fifty day moving average price is $334.46 and its two-hundred day moving average price is $309.21. The firm has a market cap of $76.43 billion, a PE ratio of -573.07 and a beta of 1.57.

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

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC increased its stake in Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the 2nd quarter worth $25,000. Benjamin Edwards Inc. increased its position in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Mather Group LLC. raised its holdings in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the period. Finally, FinTrust Capital Advisors LLC lifted its position in Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. 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.