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

Spotify Technology S.A. (NYSE:SPOT)’s share price 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.

Analyst Upgrades and Downgrades

SPOT has been the topic of several research reports. Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Rosenblatt Securities reissued a “neutral” rating and set a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, Pivotal Research lifted their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Stock Up 2.9 %

The business’s 50-day simple moving average is $499.71 and its two-hundred day simple moving average is $420.10. The firm has a market cap of $127.58 billion, a price-to-earnings ratio of 107.72 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its earnings results 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company earned $0.36 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. On average, analysts expect that Spotify Technology S.A. will post 9.69 earnings per share 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 stock. Auxano Advisors LLC lifted its stake in Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after buying an additional 20 shares in the last quarter. SRS Capital Advisors Inc. lifted its stake in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after buying an additional 25 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after buying an additional 26 shares in the last quarter. Harbour Investments Inc. lifted its stake in Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after buying an additional 26 shares in the last quarter. Finally, West Bancorporation Inc. lifted its stake in Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after buying an additional 27 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.