Spotify Technology (NYSE:SPOT) Sets New 1-Year High at $383.71

Shares of Spotify Technology S.A. (NYSE:SPOT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $383.71 and last traded at $382.21, with a volume of 246183 shares traded. The stock had previously closed at $380.36.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SPOT shares. Barclays lifted their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Guggenheim upped 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. UBS Group increased their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Evercore ISI boosted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $359.14.

Spotify Technology Stock Performance

The business has a 50-day moving average of $334.46 and a two-hundred day moving average of $309.21. 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 company has a market cap of $76.30 billion, a P/E ratio of -567.62 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.69) earnings per share. On average, sell-side analysts predict that Spotify Technology S.A. will post 6.26 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Spotify Technology by 4,605.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 38,300 shares of the company’s stock valued at $12,018,000 after buying an additional 37,486 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in Spotify Technology during the second quarter valued at approximately $667,000. American Trust lifted its holdings in Spotify Technology by 38.1% in the second quarter. American Trust now owns 1,547 shares of the company’s stock valued at $485,000 after acquiring an additional 427 shares during the period. Sanctuary Advisors LLC purchased a new stake in Spotify Technology in the 2nd quarter worth approximately $2,074,000. Finally, Maven Securities LTD acquired a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $284,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.