Spotify Technology (NYSE:SPOT) Hits New 12-Month High After Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s share price reached a new 52-week high on Friday after Loop Capital raised their price target on the stock from $435.00 to $550.00. Loop Capital currently has a hold rating on the stock. Spotify Technology traded as high as $653.32 and last traded at $646.95, with a volume of 2718841 shares trading hands. The stock had previously closed at $602.26.

Several other equities research analysts have also commented on SPOT. Wells Fargo & Company upped their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a report on Friday, March 28th. KeyCorp lowered their target price on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Benchmark lifted their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Guggenheim restated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Finally, Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $604.76.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the fourth quarter worth about $27,000. Tsfg LLC purchased a new stake in shares of Spotify Technology in the 1st quarter valued at approximately $28,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $29,000. Finally, Cornerstone Planning Group LLC lifted its holdings in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

The stock’s 50-day moving average is $570.40 and its two-hundred day moving average is $514.59. The stock has a market cap of $131.58 billion, a PE ratio of 108.03 and a beta of 1.75.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 earnings per share. Analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current year.

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.