Spotify Technology (NYSE:SPOT) Reaches New 1-Year High on Better-Than-Expected Earnings

Shares of Spotify Technology S.A. (NYSE:SPOT) hit a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $314.80 and last traded at $306.54, with a volume of 2988845 shares trading hands. The stock had previously closed at $272.24.

The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the previous year, the business posted ($1.24) EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SPOT shares. Bank of America boosted their target price on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research report on Wednesday. Pivotal Research boosted their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Finally, Raymond James boosted their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $301.81.

Institutional Trading of Spotify Technology

Large investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology during the 1st quarter worth $40,000. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology during the 4th quarter worth $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth $32,000. First Horizon Advisors Inc. boosted its holdings in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares during the period. Finally, Spire Wealth Management boosted its holdings in shares of Spotify Technology by 93.1% during the 1st quarter. Spire Wealth Management now owns 197 shares of the company’s stock worth $52,000 after buying an additional 95 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Down 7.2 %

The company’s fifty day moving average is $269.74 and its 200-day moving average is $217.24. The firm has a market capitalization of $55.80 billion, a P/E ratio of -95.05 and a beta of 1.63.

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.