Spotify Technology (NYSE:SPOT) Stock Rating Reaffirmed by Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a research note issued to investors on Monday, Benzinga reports. They currently have a $340.00 price target on the stock.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. Redburn Atlantic reaffirmed a sell rating and set a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. UBS Group upped their price objective on shares of Spotify Technology from $375.00 to $400.00 and gave the company a buy rating in a research note on Thursday, July 11th. KeyCorp increased their price target on shares of Spotify Technology from $420.00 to $440.00 and gave the stock an overweight rating in a research note on Monday, September 16th. Finally, Pivotal Research increased their price target on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a buy rating in a research note on Thursday, September 19th. 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. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $359.14.

Spotify Technology Stock Performance

NYSE SPOT opened at $372.50 on Monday. The company has a 50-day simple moving average of $343.50 and a two-hundred day simple moving average of $314.24. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a 12-month low of $145.76 and a 12-month high of $389.23. The firm has a market cap of $74.15 billion, a price-to-earnings ratio of -555.96 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 prior year, the business posted ($1.69) earnings per share. The company’s revenue was up 19.8% on a year-over-year basis. On average, equities analysts forecast that Spotify Technology will post 6.26 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Mirae Asset Global Investments Co. Ltd. raised its position in Spotify Technology by 30.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after acquiring an additional 18,731 shares during the period. TD Asset Management Inc boosted its stake in shares of Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after acquiring an additional 12,192 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Spotify Technology by 327.4% during the 4th 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 during the last quarter. Bridgewater Associates LP boosted its stake in shares of Spotify Technology by 71.8% during the 4th quarter. Bridgewater Associates LP now owns 171,068 shares of the company’s stock worth $32,145,000 after acquiring an additional 71,518 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Spotify Technology by 121.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after acquiring an additional 4,060 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.