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

Spotify Technology S.A. (NYSE:SPOT) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $389.48 and last traded at $384.99, with a volume of 883245 shares trading hands. The stock had previously closed at $381.97.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent analyst reports. KeyCorp increased their price target on shares of Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and issued a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Benchmark reiterated a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Finally, Macquarie upped their target price on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $362.21.

Spotify Technology Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $77.16 billion, a PE ratio of 155.79 and a beta of 1.58. The firm’s 50-day simple moving average is $353.40 and its 200 day simple moving average is $323.91.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the previous year, the firm earned ($1.69) earnings per share. The firm’s revenue was up 19.8% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology S.A. will post 6.22 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of SPOT. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Spotify Technology by 30.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after buying an additional 18,731 shares during the last quarter. Perpetual Ltd increased its holdings in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares in the last quarter. TD Asset Management Inc raised its position in Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after acquiring an additional 12,192 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Spotify Technology by 121.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after purchasing an additional 4,060 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in shares of Spotify Technology by 64.7% in the third quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock valued at $1,657,000 after purchasing an additional 1,765 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.