Cantor Fitzgerald Issues Pessimistic Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT - Free Report) had its price target reduced by Cantor Fitzgerald from $600.00 to $520.00 in a research note issued to investors on Wednesday,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the stock.

SPOT has been the subject of a number of other reports. JPMorgan Chase & Co. decreased their target price on shares of Spotify Technology from $730.00 to $640.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Guggenheim reaffirmed a "buy" rating and set a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Canaccord Genuity Group boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. UBS Group dropped their price objective on shares of Spotify Technology from $690.00 to $680.00 and set a "buy" rating on the stock in a research note on Tuesday. Finally, China Renaissance initiated coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $564.45.

Spotify Technology Trading Up 2.1 %

Shares of SPOT stock traded up $11.78 during mid-day trading on Wednesday, reaching $574.85. The stock had a trading volume of 1,731,552 shares, compared to its average volume of 2,185,760. Spotify Technology has a 1-year low of $267.76 and a 1-year high of $652.63. The firm has a market cap of $117.68 billion, a price-to-earnings ratio of 96.61 and a beta of 1.75. The business's fifty day moving average is $575.74 and its 200-day moving average is $498.86.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Clarius Group LLC purchased a new position in Spotify Technology in the 1st quarter valued at $327,000. CENTRAL TRUST Co increased its stake in shares of Spotify Technology by 100.7% during the first quarter. CENTRAL TRUST Co now owns 301 shares of the company's stock worth $166,000 after acquiring an additional 151 shares during the period. Rakuten Securities Inc. lifted its position in Spotify Technology by 46.2% in the first quarter. Rakuten Securities Inc. now owns 402 shares of the company's stock valued at $221,000 after purchasing an additional 127 shares during the period. Insigneo Advisory Services LLC increased its position in Spotify Technology by 36.5% during the 1st quarter. Insigneo Advisory Services LLC now owns 1,437 shares of the company's stock worth $790,000 after purchasing an additional 384 shares during the period. Finally, Chicago Capital LLC lifted its holdings in Spotify Technology by 28.0% in the first quarter. Chicago Capital LLC now owns 6,389 shares of the company's stock valued at $3,514,000 after acquiring an additional 1,399 shares during the period. 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.