Spotify Technology (NYSE:SPOT) Receives “Neutral” Rating from Cantor Fitzgerald

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

A number of other equities research analysts also recently weighed in on SPOT. Pivotal Research lifted their target price on Spotify Technology from $460.00 to $510.00 and gave the stock a buy rating in a report on Thursday, September 19th. KeyCorp lifted their price objective 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. UBS Group increased their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Barclays lifted their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. Finally, Macquarie increased their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of Moderate Buy and a consensus price target of $359.14.

Spotify Technology Stock Up 1.1 %

Shares of Spotify Technology stock opened at $377.97 on Monday. The firm has a market cap of $75.23 billion, a PE ratio of 154.27 and a beta of 1.58. The business’s 50 day simple moving average is $346.69 and its 200 day simple moving average is $317.73. 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 has a 52-week low of $145.76 and a 52-week high of $389.23.

Spotify Technology (NYSE:SPOT) last released its earnings results 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 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 analysts’ expectations of $3.82 billion. During the same period last year, the business earned ($1.69) earnings per share. The firm’s revenue was up 19.8% on a year-over-year basis. On average, analysts predict that Spotify Technology will post 6.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in SPOT. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares in the last quarter. TD Asset Management Inc boosted its position in 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 purchasing an additional 12,192 shares during the period. Perpetual Ltd boosted its position in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the period. Envestnet Asset Management Inc. boosted its position in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares during the last quarter. Finally, Bridgewater Associates LP boosted its position in Spotify Technology by 71.8% in the 4th quarter. Bridgewater Associates LP now owns 171,068 shares of the company’s stock valued at $32,145,000 after buying an additional 71,518 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.