Spotify Technology (NYSE:SPOT) Reaches New 52-Week High on Analyst Upgrade

Shares of Spotify Technology S.A. (NYSE:SPOT) hit a new 52-week high on Wednesday after Macquarie raised their price target on the stock from $395.00 to $500.00. Macquarie currently has an outperform rating on the stock. Spotify Technology traded as high as $462.39 and last traded at $461.68, with a volume of 2702908 shares. The stock had previously closed at $419.39.

SPOT has been the topic of a number of other reports. Wells Fargo & Company upped their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday. Evercore ISI upped their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Barclays increased their target price on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday. KeyCorp lifted their price target on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $412.72.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. purchased a new position in Spotify Technology during the first quarter valued at $342,000. Avantax Advisory Services Inc. bought a new position in shares of Spotify Technology in the first quarter worth about $218,000. Bleakley Financial Group LLC lifted its position in shares of Spotify Technology by 11.4% during the 1st quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after buying an additional 177 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Spotify Technology during the 1st quarter valued at approximately $1,127,000. Finally, Vanguard Group Inc. increased its holdings in Spotify Technology by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after acquiring an additional 23,675 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 11.4 %

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 company has a market capitalization of $93.03 billion, a PE ratio of 127.00 and a beta of 1.56. The company’s fifty day moving average is $369.70 and its 200-day moving average is $334.73.

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.