Spotify Technology (NYSE:SPOT) Hits New 12-Month High – What’s Next?

Spotify Technology S.A. (NYSE:SPOT)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $516.58 and last traded at $513.54, with a volume of 2442902 shares traded. The stock had previously closed at $510.43.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. Phillip Securities reissued an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $520.00 price target on shares of Spotify Technology in a research report on Thursday, January 16th. Macquarie upped their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. KeyCorp lifted their target price on shares of Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday, January 10th. Finally, Piper Sandler boosted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $441.21.

Spotify Technology Price Performance

The firm’s 50 day moving average price is $473.74 and its 200 day moving average price is $396.89. The stock has a market capitalization of $102.22 billion, a P/E ratio of 139.55 and a beta of 1.62.

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

Institutional Trading of Spotify Technology

Large investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology during the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the third quarter worth about $33,000. Larson Financial Group LLC boosted its position in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology during the 3rd quarter worth approximately $40,000. Finally, Rakuten Securities Inc. raised its position in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares in the last quarter. 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.