Spotify Technology (NYSE:SPOT) Sets New 12-Month High on Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s stock price hit a new 52-week high during mid-day trading on Thursday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $430.00 to $440.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Spotify Technology traded as high as $403.56 and last traded at $401.28, with a volume of 228125 shares changing hands. The stock had previously closed at $391.16.

Several other equities research analysts also recently issued reports on SPOT. Redburn Atlantic reissued a “sell” rating and issued a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. KeyCorp increased their price target on shares of Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group reaffirmed a “buy” rating and set a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Morgan Stanley increased their target price on shares of Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Benchmark restated a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $379.79.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. Norden Group LLC acquired a new stake in Spotify Technology during the first quarter worth about $302,000. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Csenge Advisory Group acquired a new stake in shares of Spotify Technology during the 1st quarter worth approximately $231,000. Duality Advisers LP increased its position in shares of Spotify Technology by 58.0% during the first quarter. Duality Advisers LP now owns 7,039 shares of the company’s stock valued at $1,858,000 after purchasing an additional 2,584 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Spotify Technology by 199.4% in the first quarter. SG Americas Securities LLC now owns 92,302 shares of the company’s stock valued at $24,358,000 after purchasing an additional 61,478 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $364.19 and a 200 day moving average of $331.03. The stock has a market capitalization of $79.56 billion, a P/E ratio of 163.62 and a beta 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.