Spotify Technology (NYSE:SPOT) Hits New 52-Week High Following Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT) shares hit a new 52-week high on Tuesday after Wells Fargo & Company raised their price target on the stock from $420.00 to $470.00. Wells Fargo & Company currently has an overweight rating on the stock. Spotify Technology traded as high as $390.41 and last traded at $389.49, with a volume of 242910 shares changing hands. The stock had previously closed at $384.36.

A number of other research analysts also recently commented on SPOT. Jefferies Financial Group reissued a “buy” rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Evercore ISI raised their target price on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Guggenheim raised their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Bank of America raised their target price on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $376.21.

Institutional Trading of Spotify Technology

Large investors have recently bought and sold shares of the stock. West Bancorporation Inc. lifted its stake in Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after acquiring an additional 27 shares during the period. Custom Index Systems LLC lifted its stake in Spotify Technology by 3.0% during the 3rd quarter. Custom Index Systems LLC now owns 1,150 shares of the company’s stock valued at $424,000 after acquiring an additional 33 shares during the period. Clearbridge Investments LLC lifted its stake in shares of Spotify Technology by 0.6% in the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock valued at $1,819,000 after purchasing an additional 38 shares during the period. Cigna Investments Inc. New lifted its stake in shares of Spotify Technology by 3.3% in the 2nd quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock valued at $395,000 after purchasing an additional 40 shares during the period. Finally, Moody Lynn & Lieberson LLC lifted its stake in shares of Spotify Technology by 0.6% in the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock valued at $2,147,000 after purchasing an additional 40 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The firm’s 50 day moving average is $359.73 and its 200-day moving average is $327.72. The stock has a market capitalization of $74.89 billion, a price-to-earnings ratio of -587.66 and a beta of 1.58.

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.