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

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reiterated by Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $340.00 target price on the stock. Cantor Fitzgerald’s price objective suggests a potential downside of 9.41% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. DZ Bank raised shares of 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. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. Pivotal Research raised their price target on shares of Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Jefferies Financial Group reaffirmed a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Finally, Wolfe Research initiated coverage on shares of Spotify Technology in a research note on Friday, July 12th. They set an “outperform” rating and a $390.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $375.31 on Monday. Spotify Technology has a fifty-two week low of $145.76 and a fifty-two week high of $389.23. 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 firm has a market capitalization of $74.71 billion, a P/E ratio of -560.16 and a beta of 1.57. The company’s 50 day moving average price is $341.86 and its two-hundred day moving average price is $313.40.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new stake in Spotify Technology in the fourth quarter worth about $166,000. Nomura Asset Management Co. Ltd. raised its position in Spotify Technology by 16.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 740 shares of the company’s stock worth $139,000 after acquiring an additional 104 shares during the period. Steward Partners Investment Advisory LLC raised its position in Spotify Technology by 4.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,297 shares of the company’s stock worth $432,000 after acquiring an additional 97 shares during the period. Bank of Nova Scotia bought a new stake in Spotify Technology in the fourth quarter worth about $16,634,000. Finally, Royal London Asset Management Ltd. raised its position in Spotify Technology by 5.5% in the fourth quarter. Royal London Asset Management Ltd. now owns 56,670 shares of the company’s stock worth $10,649,000 after acquiring an additional 2,966 shares during the period. 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.