Spotify Technology (NYSE:SPOT) Sets New 12-Month High – Here’s What Happened

Spotify Technology S.A. (NYSE:SPOT) hit a new 52-week high on Wednesday . The company traded as high as $510.84 and last traded at $500.58, with a volume of 386946 shares changing hands. The stock had previously closed at $487.51.

Wall Street Analyst Weigh In

SPOT has been the topic of several analyst reports. KeyCorp raised their target price on Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday, January 10th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Macquarie raised their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $441.21.

Spotify Technology Trading Up 1.5 %

The stock’s fifty day moving average is $472.22 and its two-hundred day moving average is $393.55. The firm has a market cap of $99.69 billion, a P/E ratio of 136.10 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 EPS. On average, analysts forecast that Spotify Technology S.A. will post 5.91 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Aigen Investment Management LP grew its position in shares of Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares during the period. Pathway Capital Management LP grew its holdings in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares during the period. Perpetual Ltd increased its position in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares in the last quarter. Covenant Asset Management LLC bought a new position in shares of Spotify Technology in the third quarter worth about $3,364,000. Finally, Jag Capital Management LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at approximately $13,569,000. Institutional investors own 84.09% of the company’s stock.

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.