Spotify Technology (NYSE:SPOT) Sets New 12-Month High at $383.71

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

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wolfe Research assumed coverage on Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective on the stock. Evercore ISI lifted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a report on Wednesday, July 24th. JPMorgan Chase & Co. lifted 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, Pivotal Research boosted their target price on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. 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 company. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Stock Performance

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $334.46 and a 200 day moving average price of $309.21. The firm has a market capitalization of $76.30 billion, a PE ratio of -567.62 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. The firm 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%. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.69) EPS. Research analysts expect that Spotify Technology S.A. will post 6.26 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the stock. GQG Partners LLC purchased a new stake in shares of Spotify Technology in the 1st quarter valued at approximately $610,040,000. Swedbank AB acquired a new stake in Spotify Technology in the first quarter valued at $198,663,000. 1832 Asset Management L.P. acquired a new stake in Spotify Technology in the fourth quarter valued at $83,094,000. Sei Investments Co. lifted its holdings in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Spotify Technology by 327.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after acquiring an additional 299,700 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.