Spotify Technology (NYSE:SPOT) Sets New 12-Month High – Should You Buy?

Spotify Technology S.A. (NYSE:SPOT) reached a new 52-week high on Tuesday . The stock traded as high as $597.00 and last traded at $617.59, with a volume of 362554 shares trading hands. The stock had previously closed at $549.08.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. KeyCorp raised their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Finally, Macquarie boosted their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $509.61.

Spotify Technology Stock Up 0.5 %

The stock has a 50 day simple moving average of $485.02 and a 200 day simple moving average of $409.38. The company has a market capitalization of $124.41 billion, a price-to-earnings ratio of 169.85 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 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 company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the company earned $0.36 earnings per share. Spotify Technology’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology S.A. will post 5.91 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. Forsta AP Fonden bought a new stake in Spotify Technology during the 4th quarter valued at $619,600,000. WCM Investment Management LLC boosted its position in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares during the period. International Assets Investment Management LLC boosted its position in Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after acquiring an additional 346,585 shares during the period. Finally, FMR LLC grew its stake 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 worth $577,788,000 after purchasing an additional 297,035 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.