Spotify Technology (NYSE:SPOT) Hits New 12-Month High After Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s share price reached a new 52-week high during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $425.00 to $530.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Spotify Technology traded as high as $462.39 and last traded at $461.68, with a volume of 2702908 shares trading hands. The stock had previously closed at $419.39.

Other analysts have also recently issued reports about the company. Wells Fargo & Company boosted their price target on Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Barclays lifted their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a research note on Wednesday, July 24th. 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $391.17.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC purchased a new stake in Spotify Technology during the second quarter worth $25,000. Benjamin Edwards Inc. boosted its position in shares of Spotify Technology by 214.8% in the 2nd 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. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Mather Group LLC. boosted its position in shares of Spotify Technology by 9,900.0% in the 2nd 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, V Square Quantitative Management LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $40,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

The stock has a 50-day moving average price of $369.70 and a two-hundred day moving average price of $334.73. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $89.95 billion, a price-to-earnings ratio of 184.44 and a beta of 1.56.

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.