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

Shares of Spotify Technology S.A. (NYSE:SPOT) reached a new 52-week high during mid-day trading on Thursday after Pivotal Research raised their price target on the stock from $460.00 to $510.00. Pivotal Research currently has a buy rating on the stock. Spotify Technology traded as high as $361.19 and last traded at $360.28, with a volume of 554327 shares trading hands. The stock had previously closed at $343.97.

Several other equities research analysts also recently weighed in on SPOT. TD Cowen upped their price objective on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Macquarie upped their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Redburn Atlantic reiterated a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. Bank of America boosted their target price on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, July 2nd. Finally, Rosenblatt Securities increased their price target on Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $359.14.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after acquiring an additional 43 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in Spotify Technology in the 2nd quarter worth about $25,000. Benjamin Edwards Inc. raised its stake in shares of Spotify Technology by 214.8% during 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. Mather Group LLC. lifted its holdings in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market cap of $72.65 billion, a price-to-earnings ratio of -544.77 and a beta of 1.57. The business has a fifty day moving average of $331.49 and a 200 day moving average of $307.11.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.69) EPS. On average, equities analysts predict that Spotify Technology S.A. will post 6.31 earnings per share for the current year.

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.