Spotify Technology (NYSE:SPOT) Sets New 1-Year High Following Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $420.00 to $470.00. Wells Fargo & Company currently has an overweight rating on the stock. Spotify Technology traded as high as $390.41 and last traded at $389.49, with a volume of 242910 shares changing hands. The stock had previously closed at $384.36.

Several other research firms have also weighed in on SPOT. Macquarie upped their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. upped their target price on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley raised their price target on shares of Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Wolfe Research assumed coverage on shares of Spotify Technology in a research note on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective on the stock. Finally, DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price for the company in a research note 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’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $376.21.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC grew its stake in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the last quarter. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the 2nd quarter worth $25,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. raised its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC raised its position in shares of Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Up 1.3 %

The firm has a market cap of $74.08 billion, a P/E ratio of -573.88 and a beta of 1.58. The company’s 50 day moving average is $357.83 and its two-hundred day moving average is $326.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

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.