Spotify Technology (NYSE:SPOT) Hits New 12-Month High – Time to Buy?

Spotify Technology S.A. (NYSE:SPOT)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $510.84 and last traded at $500.58, with a volume of 386946 shares. The stock had previously closed at $487.51.

Analysts Set New Price Targets

A number of brokerages have recently commented on SPOT. Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Bank of America lifted their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company lifted their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Pivotal Research lifted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $441.21.

Spotify Technology Trading Up 2.7 %

The stock’s fifty day moving average is $471.69 and its two-hundred day moving average is $392.84. The firm has a market cap of $99.67 billion, a P/E ratio of 136.19 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue was up 18.8% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS. On average, analysts forecast that Spotify Technology S.A. will post 5.91 EPS for the current year.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter worth $33,000. Larson Financial Group LLC raised its position in Spotify Technology by 51.6% in 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 period. V Square Quantitative Management LLC purchased a new position in Spotify Technology in the 3rd quarter worth $40,000. Finally, Rakuten Securities Inc. raised its position in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares during the period. Hedge funds and other institutional investors 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.