Spotify Technology (NYSE:SPOT) Hits New 52-Week High Following Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT) shares reached a new 52-week high 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 traded. The stock had previously closed at $480.27.

SPOT has been the topic of a number of other research reports. Bank of America lifted their price target on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Evercore ISI boosted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Barclays lifted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $422.90.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. WCM Investment Management LLC increased its position in Spotify Technology by 18.5% during the third 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. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. State Street Corp grew its stake in Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares during the last quarter. FMR LLC increased its holdings in Spotify Technology by 23.4% during the 3rd 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 raised 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 buying an additional 156,300 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

The company has a market capitalization of $97.88 billion, a P/E ratio of 130.51 and a beta of 1.61. The stock’s 50 day simple moving average is $404.30 and its two-hundred day simple moving average is $350.99.

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 the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. As a group, equities research 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.