Spotify Technology (NYSE:SPOT) Reaches New 52-Week High – Should You Buy?

Spotify Technology S.A. (NYSE:SPOT) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $675.00 and last traded at $660.72, with a volume of 383067 shares. The stock had previously closed at $665.14.

Analyst Ratings Changes

A number of analysts have weighed in on SPOT shares. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a report on Wednesday, April 30th. FBN Securities started coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a “sector perform” rating and a $645.00 target price for the company. Cantor Fitzgerald dropped their target price on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. KeyCorp lowered their price target on shares of Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Finally, Citigroup lifted their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $609.07.

Spotify Technology Stock Performance

The stock has a 50-day moving average price of $603.63 and a 200-day moving average price of $553.77. The stock has a market cap of $137.34 billion, a P/E ratio of 112.76 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. Sell-side analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. bought a new position in Spotify Technology in the fourth quarter valued at about $1,118,000. GDS Wealth Management grew its position in shares of Spotify Technology by 227.4% during the fourth quarter. GDS Wealth Management now owns 4,420 shares of the company’s stock worth $1,977,000 after purchasing an additional 3,070 shares in the last quarter. Optas LLC purchased a new position in Spotify Technology during the 4th quarter valued at approximately $247,000. Baltimore Washington Financial Advisors Inc. purchased a new position in Spotify Technology during the 4th quarter valued at approximately $226,000. Finally, abrdn plc lifted its stake in shares of Spotify Technology by 215.2% in the 4th quarter. abrdn plc now owns 148,282 shares of the company’s stock valued at $66,975,000 after purchasing an additional 101,231 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.