Cantor Fitzgerald Reaffirms Neutral Rating for Spotify Technology (NYSE:SPOT)

Cantor Fitzgerald reiterated their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a report published on Tuesday morning,Benzinga reports. Cantor Fitzgerald currently has a $480.00 target price on the stock, down from their previous target price of $490.00.

Several other research firms have also commented on SPOT. Barclays boosted their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. KeyCorp boosted their target price on shares of Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a report on Friday, January 10th. Piper Sandler raised their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $446.21.

Spotify Technology Price Performance

NYSE:SPOT opened at $531.64 on Tuesday. The firm has a market cap of $105.82 billion, a PE ratio of 144.47 and a beta of 1.62. The company has a 50-day moving average of $474.92 and a 200 day moving average of $398.39. Spotify Technology has a 1-year low of $213.31 and a 1-year high of $537.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. Sell-side analysts anticipate that Spotify Technology will post 5.91 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds have recently modified their holdings of the stock. Aigen Investment Management LP raised its position in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Pathway Capital Management LP grew its stake in shares of Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares during the period. Perpetual Ltd increased its holdings in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $3,364,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $780,000. Hedge funds and other 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.