Cantor Fitzgerald Cuts Spotify Technology (NYSE:SPOT) Price Target to $525.00

Spotify Technology (NYSE:SPOT) had its price target cut by Cantor Fitzgerald from $615.00 to $525.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also commented on SPOT. Citizens Jmp started coverage on Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective for the company. Benchmark dropped their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research note on Friday, January 16th. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Moffett Nathanson started coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target on the stock. Finally, Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $706.42.

Spotify Technology Stock Up 2.8%

Spotify Technology stock opened at $458.40 on Wednesday. The company has a market capitalization of $94.35 billion, a PE ratio of 47.55, a P/E/G ratio of 1.05 and a beta of 1.66. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The firm has a fifty day simple moving average of $533.70 and a two-hundred day simple moving average of $620.70.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The firm had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.88 earnings per share. As a group, equities analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology in the second quarter valued at about $27,000. Total Investment Management Inc. bought a new stake in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. boosted its stake in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology during the third quarter valued at approximately $26,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.