Spotify Technology (NYSE:SPOT) Sets New 1-Year High After Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT) shares reached a new 52-week high during mid-day trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $525.00 to $560.00. Canaccord Genuity Group currently has a buy rating on the stock. Spotify Technology traded as high as $491.87 and last traded at $491.76, with a volume of 1517087 shares changing hands. The stock had previously closed at $480.27.

Several other equities analysts also recently issued reports on the stock. Piper Sandler increased their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Rosenblatt Securities increased their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Benchmark raised their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $422.90.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. WCM Investment Management LLC grew its holdings in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares in the last quarter. State Street Corp grew its holdings in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares in the last quarter. FMR LLC grew its holdings in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP grew its holdings in shares of Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock valued at $361,159,000 after purchasing an additional 156,300 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 1.8 %

The business’s fifty day moving average is $411.15 and its two-hundred day moving average is $354.65. The stock has a market cap of $100.01 billion, a price-to-earnings ratio of 136.53 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current year.

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.