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

Spotify Technology (NYSE:SPOT) had its target price trimmed by Cantor Fitzgerald from $600.00 to $520.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages also recently commented on SPOT. UBS Group lowered their target price on shares of Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research note on Tuesday. Morgan Stanley raised their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Barclays raised their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $564.45.

Spotify Technology Stock Up 2.1 %

NYSE SPOT opened at $574.85 on Wednesday. Spotify Technology has a 52 week low of $267.76 and a 52 week high of $652.63. The firm has a 50 day moving average of $575.74 and a two-hundred day moving average of $498.86. The stock has a market capitalization of $117.68 billion, a PE ratio of 96.61 and a beta of 1.75.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently modified their holdings of the business. Thrivent Financial for Lutherans raised its position in Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after acquiring an additional 6,782 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in Spotify Technology during the fourth quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Spotify Technology during the fourth quarter worth about $214,000. Finally, Swedbank AB increased its holdings in Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after buying an additional 163,626 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Company Profile

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.