Spotify Technology’s (SPOT) “Neutral” Rating Reaffirmed at Cantor Fitzgerald

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reissued by equities researchers at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports. They currently have a $480.00 price objective on the stock, down from their previous price objective of $490.00. Cantor Fitzgerald’s price objective suggests a potential downside of 8.31% from the stock’s current price.

Several other brokerages have also recently weighed in on SPOT. Benchmark restated a “buy” rating and set a $520.00 target price on shares of Spotify Technology in a report on Thursday, January 16th. UBS Group upped their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. KeyCorp lifted their price target on Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a report on Friday, January 10th. TD Cowen upped their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Finally, Morgan Stanley lifted their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $446.21.

Spotify Technology Stock Up 1.8 %

Shares of NYSE SPOT traded up $9.50 during trading on Tuesday, hitting $523.48. The company had a trading volume of 446,062 shares, compared to its average volume of 1,636,760. The firm has a market capitalization of $104.20 billion, a price-to-earnings ratio of 142.62 and a beta of 1.62. The stock has a fifty day simple moving average of $473.74 and a two-hundred day simple moving average of $396.89. Spotify Technology has a fifty-two week low of $213.31 and a fifty-two week high of $523.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates 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 was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 EPS. On average, analysts anticipate that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at about $33,000. Larson Financial Group LLC increased its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. V Square Quantitative Management LLC purchased a new position in Spotify Technology during the third quarter worth about $40,000. Finally, Rakuten Securities Inc. boosted its holdings in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.