Spotify Technology (NYSE:SPOT) Given “Neutral” Rating at Cantor Fitzgerald

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

A number of other equities analysts also recently issued reports on the company. DZ Bank upgraded Spotify Technology from a hold rating to a buy rating and set a $375.00 price target for the company in a research note on Wednesday, July 24th. TD Cowen lifted their price target on Spotify Technology from $273.00 to $356.00 and gave the company a hold rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $375.00 to $425.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. Benchmark reiterated a buy rating and set a $405.00 price target on shares of Spotify Technology in a research note on Monday, July 22nd. Finally, Jefferies Financial Group reissued a buy rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and an average price target of $359.14.

Spotify Technology Stock Performance

Shares of SPOT opened at $372.50 on Monday. 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 has a 50-day moving average of $343.50 and a 200-day moving average of $314.24. The company has a market cap of $74.15 billion, a PE ratio of -555.96 and a beta of 1.57. Spotify Technology has a one year low of $145.76 and a one year high of $389.23.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period last year, the business posted ($1.69) EPS. On average, equities research analysts predict that Spotify Technology will post 6.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPOT. GQG Partners LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at $610,040,000. Swedbank AB purchased a new position in shares of Spotify Technology during the 1st quarter valued at $198,663,000. 1832 Asset Management L.P. purchased a new position in shares of Spotify Technology during the 4th quarter valued at $83,094,000. Sei Investments Co. grew its position in Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after acquiring an additional 333,782 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after acquiring an additional 299,700 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other 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.