Spotify Technology (NYSE:SPOT) Hits New 12-Month High – Still a Buy?

Shares of Spotify Technology S.A. (NYSE:SPOT) hit a new 52-week high on Tuesday . The company 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.

Analyst Upgrades and Downgrades

SPOT has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Pivotal Research increased their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $446.21.

Spotify Technology Stock Performance

The firm’s 50 day moving average is $476.28 and its 200-day moving average is $400.01. The company has a market cap of $107.51 billion, a PE ratio of 146.77 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the firm posted $0.36 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. On average, analysts predict that Spotify Technology S.A. will post 5.91 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently bought and sold shares of the company. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology during the 4th quarter worth about $535,000. Hartford Investment Management Co. purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $641,000. TFB Advisors LLC lifted its stake in Spotify Technology by 3.9% during the fourth quarter. TFB Advisors LLC now owns 1,559 shares of the company’s stock worth $697,000 after purchasing an additional 59 shares in the last quarter. Quent Capital LLC boosted its position in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the period. Finally, Cigna Investments Inc. New grew its stake in shares of Spotify Technology by 226.1% in the fourth quarter. Cigna Investments Inc. New now owns 4,109 shares of the company’s stock valued at $1,839,000 after buying an additional 2,849 shares in the last quarter. 84.09% of the stock is 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.