Spotify Technology (NYSE:SPOT) Hits New 1-Year High – Still a Buy?

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. UBS Group increased their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group boosted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Macquarie raised their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $509.61.

Spotify Technology Stock Performance

The business has a 50-day moving average of $485.02 and a 200 day moving average of $409.38. The stock has a market cap of $124.41 billion, a PE ratio of 169.85 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. Equities analysts expect that Spotify Technology S.A. will post 5.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new position in shares of Spotify Technology during the 4th quarter valued at about $1,385,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $4,021,000. SBI Securities Co. Ltd. purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $1,081,000. Jones Financial Companies Lllp increased its position in Spotify Technology by 58.8% during the fourth quarter. Jones Financial Companies Lllp now owns 1,733 shares of the company’s stock worth $775,000 after purchasing an additional 642 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its stake in Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after purchasing an additional 25 shares during the period. 84.09% of the stock is currently 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.