Cantor Fitzgerald Begins Coverage on Spotify Technology (NYSE:SPOT)

Cantor Fitzgerald began coverage on shares of Spotify Technology (NYSE:SPOT) in a research note released on Thursday morning, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $340.00 target price on the stock.

Several other brokerages also recently issued reports on SPOT. TD Cowen raised their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a hold rating in a research report on Wednesday, July 24th. Barclays lifted their price target on Spotify Technology from $350.00 to $360.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. The Goldman Sachs Group raised 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 report on Wednesday, July 24th. DZ Bank raised Spotify Technology from a hold rating to a buy rating and set a $375.00 target price for the company in a report on Wednesday, July 24th. Finally, Bank of America upped their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the company a buy rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of Moderate Buy and an average price target of $356.38.

Spotify Technology Stock Performance

SPOT opened at $322.77 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $64.25 billion, a price-to-earnings ratio of -481.74 and a beta of 1.57. Spotify Technology has a 12-month low of $145.76 and a 12-month high of $359.38. The business has a 50 day moving average of $325.42 and a 200-day moving average of $301.48.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.69) earnings per share. On average, equities research analysts expect that Spotify Technology will post 6.37 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Evoke Wealth LLC acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after acquiring an additional 18,731 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Spotify Technology by 1,500.5% during the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock worth $13,182,000 after purchasing an additional 65,768 shares during the period. TD Asset Management Inc grew its stake in shares of Spotify Technology by 2.4% in the first 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 last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after purchasing an additional 299,700 shares during the last quarter. Institutional investors and hedge funds 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.