Spotify Technology (NYSE:SPOT) Reaches New 52-Week High After Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s share price reached a new 52-week high during mid-day trading on Tuesday after Pivotal Research raised their price target on the stock from $390.00 to $400.00. Pivotal Research currently has a buy rating on the stock. Spotify Technology traded as high as $314.80 and last traded at $306.54, with a volume of 2988845 shares trading hands. The stock had previously closed at $272.24.

Several other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $235.00 to $277.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 31st. UBS Group lifted their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Raymond James lifted their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. Finally, Bank of America lifted their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Seven research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $276.58.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of SPOT. Technology Crossover Management XI Ltd. increased its stake in Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after purchasing an additional 344,841 shares during the period. Nordea Investment Management AB increased its stake in Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after purchasing an additional 18,105 shares during the period. Assenagon Asset Management S.A. increased its stake in Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after purchasing an additional 78,609 shares during the period. GSA Capital Partners LLP increased its stake in Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after purchasing an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. increased its stake in Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after purchasing an additional 72,000 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

The company has a market capitalization of $60.19 billion, a PE ratio of -102.53 and a beta of 1.63. The stock’s 50 day simple moving average is $269.00 and its 200-day simple moving average is $216.78.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the company posted ($1.43) earnings per share. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities analysts predict that Spotify Technology S.A. will post 3.5 earnings per share for the current year.

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.