Spotify Technology (NYSE:SPOT) Reaches New 12-Month High Following Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s share price reached a new 52-week high during trading on Thursday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $430.00 to $440.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Spotify Technology traded as high as $403.56 and last traded at $401.28, with a volume of 228125 shares trading hands. The stock had previously closed at $391.16.

Other research analysts have also issued reports about the company. Wells Fargo & Company increased their price objective on Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Jefferies Financial Group reissued a “buy” rating and issued a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Rosenblatt Securities raised their price objective on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. KeyCorp raised their price objective on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, TD Cowen raised their price objective on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.79.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of SPOT. West Bancorporation Inc. lifted its holdings in shares of Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares during the last quarter. Washington Trust Advisors Inc. lifted its stake in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after buying an additional 32 shares in the last quarter. Rakuten Securities Inc. lifted its stake in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares in the last quarter. Custom Index Systems LLC lifted its stake in shares of Spotify Technology by 3.0% during the 3rd quarter. Custom Index Systems LLC now owns 1,150 shares of the company’s stock worth $424,000 after purchasing an additional 33 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in shares of Spotify Technology by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after purchasing an additional 38 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 0.2 %

The firm has a market capitalization of $78.04 billion, a PE ratio of 159.64 and a beta of 1.56. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $364.19 and a two-hundred day moving average of $331.03.

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.