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

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reaffirmed by research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They presently have a $340.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential downside of 8.13% from the stock’s previous close.

Other research analysts have also issued reports about the stock. TD Cowen lifted their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Pivotal Research lifted their price target on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday. Wolfe Research assumed coverage on Spotify Technology in a report on Friday, July 12th. They set an “outperform” rating and a $390.00 price objective on the stock. UBS Group raised their target price on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Macquarie upped their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $359.14.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $4.91 on Monday, hitting $370.08. 334,724 shares of the stock were exchanged, compared to its average volume of 1,896,892. The firm’s 50 day moving average is $331.49 and its two-hundred day moving average is $307.67. Spotify Technology has a one year low of $145.76 and a one year high of $370.98. The firm has a market capitalization of $70.39 billion, a PE ratio of -552.36 and a beta of 1.57. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping 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 firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same quarter last year, the business earned ($1.69) earnings per share. The company’s quarterly revenue was up 19.8% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 6.31 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds have recently added to or reduced their stakes in SPOT. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Spotify Technology by 4,605.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 38,300 shares of the company’s stock valued at $12,018,000 after acquiring an additional 37,486 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Spotify Technology in the second quarter worth $667,000. American Trust raised its holdings in Spotify Technology by 38.1% during the 2nd quarter. American Trust now owns 1,547 shares of the company’s stock valued at $485,000 after buying an additional 427 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Spotify Technology during the 2nd quarter valued at $2,074,000. Finally, Maven Securities LTD purchased a new stake in Spotify Technology during the 2nd quarter valued at $284,000. 84.09% of the stock is 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.