Spotify Technology (NYSE:SPOT) Hits New 52-Week High – Should You Buy?

Spotify Technology S.A. (NYSE:SPOT)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $516.58 and last traded at $513.54, with a volume of 2442902 shares. The stock had previously closed at $510.43.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SPOT. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. The Goldman Sachs Group boosted their target price on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Bank of America raised their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Canaccord Genuity Group upped their price target on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, TD Cowen raised their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $441.21.

Spotify Technology Trading Up 0.6 %

The stock has a market capitalization of $102.22 billion, a PE ratio of 139.55 and a beta of 1.62. The firm has a 50 day moving average price of $473.74 and a 200 day moving average price of $396.89.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company 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 business posted $0.36 earnings per share. The business’s revenue was up 18.8% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology S.A. will post 5.91 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds have recently made changes to their positions in SPOT. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $1,335,575,000. Forsta AP Fonden purchased a new stake in Spotify Technology during the fourth quarter valued at $619,600,000. WCM Investment Management LLC lifted 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 valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after buying an additional 346,585 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares in the last quarter. 84.09% of the stock is currently 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.