Spotify Technology (NYSE:SPOT) Reaches New 12-Month High – What’s Next?

Shares of Spotify Technology S.A. (NYSE:SPOT) reached a new 52-week high on Wednesday . The stock traded as high as $510.84 and last traded at $500.58, with a volume of 386946 shares changing hands. The stock had previously closed at $487.51.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPOT shares. The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. KeyCorp raised their target price on Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a report on Friday, January 10th. Piper Sandler raised their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, Benchmark reissued a “buy” rating and set a $520.00 price objective on shares of Spotify Technology in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $441.21.

Spotify Technology Price Performance

The company has a market capitalization of $99.69 billion, a PE ratio of 136.10 and a beta of 1.62. The firm’s fifty day simple moving average is $472.22 and its 200 day simple moving average is $393.55.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, equities research analysts anticipate that Spotify Technology S.A. will post 5.91 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC lifted its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. grew its holdings in shares of Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.