Spotify Technology (NYSE:SPOT) Sets New 52-Week High – Still a Buy?

Spotify Technology S.A. (NYSE:SPOT) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $671.24 and last traded at $666.41, with a volume of 569947 shares changing hands. The stock had previously closed at $653.82.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. Benchmark increased their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target on the stock. UBS Group decreased their price objective on shares of Spotify Technology from $690.00 to $680.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Evercore ISI cut their price target on shares of Spotify Technology from $700.00 to $650.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Finally, Morgan Stanley raised their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $609.07.

Spotify Technology Trading Up 0.7%

The business’s 50 day simple moving average is $595.79 and its two-hundred day simple moving average is $545.55. The firm has a market capitalization of $134.79 billion, a P/E ratio of 110.87 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. Analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Hartford Investment Management Co. lifted its holdings in shares of Spotify Technology by 1.1% during the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company’s stock valued at $797,000 after buying an additional 16 shares during the period. Citizens Financial Group Inc. RI lifted its holdings in Spotify Technology by 3.7% in the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company’s stock valued at $262,000 after acquiring an additional 17 shares during the period. HM Payson & Co. boosted its position in Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company’s stock worth $35,000 after purchasing an additional 18 shares during the last quarter. Adero Partners LLC grew its stake in shares of Spotify Technology by 0.7% during the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company’s stock valued at $1,449,000 after purchasing an additional 19 shares during the period. Finally, North Star Investment Management Corp. increased its position in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.