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

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

Other analysts have also recently issued reports about the stock. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. KeyCorp decreased their target price on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Guggenheim reaffirmed a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Citigroup lifted their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Finally, Macquarie boosted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $564.45.

Spotify Technology Trading Up 2.1 %

NYSE:SPOT opened at $574.85 on Wednesday. The company has a 50-day moving average of $576.70 and a 200-day moving average of $497.49. The firm has a market cap of $117.68 billion, a price-to-earnings ratio of 96.61 and a beta of 1.75. Spotify Technology has a twelve month low of $267.76 and a twelve month high of $652.63.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Spotify Technology by 6.9% in 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 during the last quarter. M&T Bank Corp boosted its stake in Spotify Technology by 5.5% during the 3rd quarter. M&T Bank Corp now owns 26,991 shares of the company’s stock valued at $9,947,000 after purchasing an additional 1,395 shares during the period. Virtu Financial LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at approximately $1,782,000. Wilmington Savings Fund Society FSB bought a new position in Spotify Technology in the 3rd quarter worth approximately $1,477,000. Finally, Franklin Resources Inc. lifted its holdings 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 worth $239,041,000 after buying an additional 16,511 shares during the last quarter. Institutional investors and hedge funds 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.