Spotify Technology (NYSE:SPOT) Reaches New 12-Month High Following Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s share price hit a new 52-week high on Thursday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $430.00 to $440.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Spotify Technology traded as high as $403.56 and last traded at $401.28, with a volume of 228125 shares changing hands. The stock had previously closed at $391.16.

A number of other brokerages have also recently issued reports on SPOT. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a report on Wednesday, July 24th. Wolfe Research assumed coverage on Spotify Technology in a report on Friday, July 12th. They set an “outperform” rating and a $390.00 price target on the stock. Benchmark reaffirmed a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a report on Monday, July 22nd. Jefferies Financial Group reaffirmed a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.79.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its position in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after buying an additional 43 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Spotify Technology during the second quarter worth approximately $25,000. Benjamin Edwards Inc. lifted its position in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. lifted its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, Asset Dedication LLC acquired a new position in shares of Spotify Technology during the second quarter worth approximately $35,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.2 %

The stock has a market capitalization of $78.04 billion, a P/E ratio of 159.64 and a beta of 1.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The business’s 50 day simple moving average is $364.19 and its 200-day simple moving average is $331.03.

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.