Spotify Technology (NYSE:SPOT) Hits New 12-Month High – Should You Buy?

Spotify Technology S.A. (NYSE:SPOT) shares hit a new 52-week high on Tuesday . The stock traded as high as $389.48 and last traded at $384.99, with a volume of 883245 shares trading hands. The stock had previously closed at $381.97.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SPOT shares. Guggenheim raised their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Redburn Atlantic restated a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a report on Wednesday, July 10th. Barclays upped their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. 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. Finally, JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One research 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Trading Up 1.5 %

The firm has a market capitalization of $77.16 billion, a price-to-earnings ratio of 155.79 and a beta of 1.58. The business’s 50-day moving average price is $353.40 and its 200 day moving average price is $323.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.69) earnings per share. On average, equities analysts forecast that Spotify Technology S.A. will post 6.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearbridge Investments LLC boosted its position in shares of Spotify Technology by 0.6% during the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after buying an additional 38 shares during the period. Cigna Investments Inc. New raised its stake in Spotify Technology by 3.3% during the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after acquiring an additional 40 shares in the last quarter. Moody Lynn & Lieberson LLC raised its stake in Spotify Technology by 0.6% during the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after acquiring an additional 40 shares in the last quarter. Larson Financial Group LLC boosted its position in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Spotify Technology by 4.6% in the second quarter. EverSource Wealth Advisors LLC now owns 981 shares of the company’s stock worth $337,000 after purchasing an additional 43 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.