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

Spotify Technology S.A. (NYSE:SPOT) hit a new 52-week high during mid-day trading on Friday after Loop Capital raised their price target on the stock from $435.00 to $550.00. Loop Capital currently has a hold rating on the stock. Spotify Technology traded as high as $653.32 and last traded at $646.95, with a volume of 2718841 shares. The stock had previously closed at $602.26.

Several other equities research analysts have also recently commented on SPOT. China Renaissance started coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target on the stock. Macquarie increased their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Wells Fargo & Company raised their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th. FBN Securities initiated coverage on Spotify Technology in a report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target on the stock. Finally, Wolfe Research raised Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective for the company in a research note on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $604.76.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the fourth quarter worth $27,000. Tsfg LLC bought a new position in shares of Spotify Technology during the first quarter valued at about $28,000. Copia Wealth Management bought a new position in shares of Spotify Technology during the fourth quarter valued at about $29,000. Finally, Cornerstone Planning Group LLC increased its holdings in shares of Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after buying an additional 41 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

The business has a 50 day moving average price of $570.40 and a two-hundred day moving average price of $515.58. The company has a market cap of $131.58 billion, a P/E ratio of 108.03 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. As a group, research analysts expect that Spotify Technology S.A. will post 10.3 EPS for the current 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.