Spotify Technology (NYSE:SPOT) Sets New 52-Week High After Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s share price reached a new 52-week high during mid-day trading on Thursday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $430.00 to $440.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Spotify Technology traded as high as $403.56 and last traded at $401.28, with a volume of 228125 shares. The stock had previously closed at $391.16.

Other analysts have also recently issued research reports about the company. Barclays increased 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. Rosenblatt Securities raised their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Finally, Macquarie upped their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $379.79.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Perpetual Ltd raised its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the period. TD Asset Management Inc lifted its position in shares of Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after buying an additional 12,192 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Spotify Technology by 121.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after acquiring an additional 4,060 shares during the period. Ritholtz Wealth Management increased its holdings in shares of Spotify Technology by 64.7% during the 3rd quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock worth $1,657,000 after acquiring an additional 1,765 shares during the last quarter. Finally, Northeast Investment Management raised its stake in Spotify Technology by 67.6% in the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after acquiring an additional 5,240 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.2 %

The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average of $364.19 and a two-hundred day moving average of $331.03. The firm has a market cap of $79.56 billion, a P/E ratio of 163.62 and a beta of 1.56.

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.