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

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

SPOT has been the subject of a number of other research reports. Macquarie upped their price objective 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. Evercore ISI raised their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an outperform rating in a research report on Thursday, August 29th. Rosenblatt Securities upped their target price on Spotify Technology from $396.00 to $399.00 and gave the company a buy rating in a research note on Wednesday, July 24th. UBS Group lifted their price target on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a buy rating in a research note on Thursday, July 11th. Finally, 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. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $359.14.

Spotify Technology Price Performance

NYSE SPOT opened at $379.25 on Monday. The stock has a 50-day simple moving average of $336.25 and a 200 day simple moving average of $309.74. Spotify Technology has a twelve month low of $145.76 and a twelve month high of $389.23. The stock has a market capitalization of $72.13 billion, a PE ratio of -566.04 and a beta of 1.57. 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 (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the business earned ($1.69) earnings per share. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. Research analysts anticipate that Spotify Technology will post 6.26 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in SPOT. Healthcare of Ontario Pension Plan Trust Fund increased its position in Spotify Technology by 4,605.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 38,300 shares of the company’s stock worth $12,018,000 after purchasing an additional 37,486 shares during the period. University of Texas Texas AM Investment Management Co. bought a new position in shares of Spotify Technology in the 2nd quarter valued at about $667,000. American Trust grew its position in shares of Spotify Technology by 38.1% during the 2nd quarter. American Trust now owns 1,547 shares of the company’s stock worth $485,000 after buying an additional 427 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Spotify Technology during the second quarter worth approximately $2,074,000. Finally, Maven Securities LTD acquired a new position in Spotify Technology in the second quarter valued at approximately $284,000. 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.