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

Key Points

• Cantor Fitzgerald raised its price target on Spotify Technology to $520 from $430, while keeping a neutral rating on the stock.
• Other analysts remain broadly positive on Spotify, with several recent target increases and the stock carrying a Moderate Buy consensus and an average price target of $655.92.
• Spotify recently beat earnings expectations, reporting $4.04 EPS versus the $3.41 estimate and revenue of $5.25 billion; shares were trading around $518.92 and were down slightly on the day.

Spotify Technology (NYSE:SPOT - Get Free Report) 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 brokerage presently has a "neutral" rating on the stock. Cantor Fitzgerald's price objective would indicate a potential upside of 0.21% from the company's current price.

Several other brokerages have also issued reports on SPOT. Arete Research raised Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective on the stock in a report on Thursday, February 26th. UBS Group dropped their price objective on Spotify Technology from $760.00 to $735.00 and set a "buy" rating on the stock in a report on Thursday, April 30th. Morgan Stanley raised their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a report on Friday. Daiwa Securities Group started coverage on Spotify Technology in a report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price objective on the stock. Finally, Citizens Jmp raised their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and an average price target of $655.92.

Spotify Technology Trading Down 0.2%

Spotify Technology stock opened at $518.92 on Tuesday. The firm has a market capitalization of $106.83 billion, a P/E ratio of 41.35, a P/E/G ratio of 1.25 and a beta of 1.55. The stock's fifty day simple moving average is $480.00 and its 200-day simple moving average is $522.24. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.07 earnings per share. Sell-side analysts predict that Spotify Technology will post 14.86 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 47,102 shares of company stock worth $21,444,648 over the last 90 days. Company insiders own 0.40% of the company's stock.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in SPOT. State Street Corp raised its holdings in Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company's stock valued at $2,736,450,000 after acquiring an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company's stock valued at $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors raised its holdings in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company's stock valued at $1,663,024,000 after acquiring an additional 133,108 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock valued at $1,547,890,000 after acquiring an additional 62,887 shares during the last quarter. Finally, Coatue Management LLC raised its holdings in Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock valued at $1,423,251,000 after acquiring an additional 647,708 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other 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.

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