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

Spotify Technology S.A. (NYSE:SPOT)’s share price hit a new 52-week high during mid-day trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $525.00 to $560.00. Canaccord Genuity Group currently has a buy rating on the stock. Spotify Technology traded as high as $491.87 and last traded at $491.76, with a volume of 1517087 shares. The stock had previously closed at $480.27.

SPOT has been the subject of several other research reports. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. TD Cowen boosted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, Rosenblatt Securities lifted their price objective on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $422.90.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently modified their holdings of the stock. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the 2nd quarter worth approximately $25,000. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology during the third quarter worth about $26,000. Benjamin Edwards Inc. boosted its holdings in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Mather Group LLC. lifted its position in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the last quarter. Finally, Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth about $33,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.4 %

The firm’s 50 day simple moving average is $404.30 and its 200 day simple moving average is $350.99. The company has a market cap of $97.88 billion, a price-to-earnings ratio of 130.51 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Analysts anticipate that Spotify Technology S.A. will post 6.02 EPS for the current fiscal 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.