Spotify Technology (NYSE:SPOT) Sets New 1-Year High – Time to Buy?

Spotify Technology S.A. (NYSE:SPOT) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $597.00 and last traded at $617.59, with a volume of 362554 shares trading hands. The stock had previously closed at $549.08.

Analyst Ratings Changes

SPOT has been the topic of several research reports. Morgan Stanley lifted their target price on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Bank of America lifted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Macquarie boosted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Rosenblatt Securities increased their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Barclays boosted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One research 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.com, the company has an average rating of “Moderate Buy” and an average price target of $451.39.

Spotify Technology Price Performance

The firm’s 50-day moving average price is $482.11 and its 200 day moving average price is $407.08. The firm has a market cap of $119.45 billion, a P/E ratio of 163.23 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.18). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Analysts forecast that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology during the third quarter worth $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC increased its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Spotify Technology during the third quarter worth approximately $40,000. Finally, Rakuten Securities Inc. increased its stake in 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 acquiring an additional 32 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.