Spotify Technology (NYSE:SPOT) Reaches New 1-Year High – Here’s What Happened

Spotify Technology S.A. (NYSE:SPOT) reached a new 52-week high on Monday . The stock traded as high as $632.56 and last traded at $631.90, with a volume of 422648 shares trading hands. The stock had previously closed at $622.99.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. KeyCorp raised their target price on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. UBS Group raised their target price on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 target price (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. The Goldman Sachs Group raised their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Finally, Bank of America raised their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Price Performance

The company has a market cap of $127.58 billion, a PE ratio of 107.72 and a beta of 1.63. The company has a 50-day moving average of $499.71 and a 200 day moving average of $420.10.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 EPS. Equities research analysts expect that Spotify Technology S.A. will post 9.69 EPS for the current year.

Institutional Trading of Spotify Technology

Several institutional investors have recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology in the third quarter worth about $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the fourth quarter worth about $27,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the third quarter worth about $33,000. Larson Financial Group LLC lifted its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in Spotify Technology in the third quarter worth about $40,000. 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.