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

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reiterated by equities research analysts at Cantor Fitzgerald in a report released on Monday, Benzinga reports. They currently have a $340.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential downside of 10.60% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Barclays lifted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Wolfe Research assumed coverage on Spotify Technology in a research note on Friday, July 12th. They issued an “outperform” rating and a $390.00 target price on the stock. Bank of America increased their target price on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a report on Wednesday, July 24th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six 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 has an average rating of “Moderate Buy” and an average price target of $359.14.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $380.31 on Monday. The firm has a market capitalization of $72.33 billion, a price-to-earnings ratio of -567.63 and a beta of 1.57. 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 business’s 50 day simple moving average is $334.46 and its 200-day simple moving average is $309.21. Spotify Technology has a 12 month low of $145.76 and a 12 month high of $382.60.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the business earned ($1.69) earnings per share. Spotify Technology’s quarterly revenue was up 19.8% compared to the same quarter last year. As a group, equities analysts forecast that Spotify Technology will post 6.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the business. Larson Financial Group LLC raised its position in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the period. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter valued at about $25,000. Benjamin Edwards Inc. lifted its position in Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares in the last quarter. Mather Group LLC. boosted its holdings in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the period. Finally, FinTrust Capital Advisors LLC grew its position in Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in 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.