Cantor Fitzgerald Raises Spotify Technology (NYSE:SPOT) Price Target to $520.00

Spotify Technology (NYSE:SPOT) had its target price upped by equities research analysts at Cantor Fitzgerald from $430.00 to $520.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 0.21% from the company’s previous close.

SPOT has been the subject of a number of other reports. UBS Group dropped their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Pivotal Research dropped their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Barclays upped their price objective on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Guggenheim dropped their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $655.92.

Spotify Technology Stock Performance

Shares of SPOT opened at $518.92 on Tuesday. The stock has a fifty day moving average of $480.00 and a two-hundred day moving average of $522.24. The company has a market capitalization of $106.83 billion, a PE ratio of 41.35, a price-to-earnings-growth ratio of 1.25 and a beta of 1.55. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the previous year, the firm posted $1.07 EPS. Spotify Technology’s revenue was up 8.2% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology will post 14.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 47,102 shares of company stock valued at $21,444,648. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the stock. Greykasell Wealth Strategies Inc. grew its holdings 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 during the last quarter. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the third quarter valued at approximately $26,000. JPL Wealth Management LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at approximately $35,000. Chilton Capital Management LLC increased its stake in shares of Spotify Technology by 183.3% in the third quarter. Chilton Capital Management LLC now owns 51 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. Finally, Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $32,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Company Profile

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.