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

Spotify Technology (NYSE:SPOT) had its target price reduced by research analysts at Cantor Fitzgerald from $600.00 to $520.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential downside of 9.54% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Benchmark raised their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. JPMorgan Chase & Co. cut their target price on shares of Spotify Technology from $730.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Guggenheim reiterated a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. Finally, Citigroup upped their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Nine analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $564.45.

Spotify Technology Stock Performance

NYSE:SPOT opened at $574.85 on Wednesday. Spotify Technology has a one year low of $267.76 and a one year high of $652.63. The business’s 50-day simple moving average is $576.70 and its 200 day simple moving average is $497.49. The stock has a market cap of $117.68 billion, a price-to-earnings ratio of 96.61 and a beta of 1.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC raised its stake in shares of Spotify Technology by 6.9% during the third quarter. Geode Capital Management LLC now owns 224,209 shares of the company’s stock valued at $82,628,000 after purchasing an additional 14,426 shares in the last quarter. M&T Bank Corp raised its position in shares of Spotify Technology by 5.5% during the 3rd quarter. M&T Bank Corp now owns 26,991 shares of the company’s stock worth $9,947,000 after buying an additional 1,395 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $1,782,000. Wilmington Savings Fund Society FSB bought a new position in shares of Spotify Technology in the third quarter valued at approximately $1,477,000. Finally, Franklin Resources Inc. increased its stake in shares of Spotify Technology by 2.6% during the third quarter. Franklin Resources Inc. now owns 641,720 shares of the company’s stock valued at $239,041,000 after acquiring an additional 16,511 shares during the period. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.