Spotify Technology (NYSE:SPOT) Reaches New 12-Month High Following Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT)’s share price hit a new 52-week high during mid-day trading on Wednesday after Macquarie raised their price target on the stock from $395.00 to $500.00. Macquarie currently has an outperform rating on the stock. Spotify Technology traded as high as $462.39 and last traded at $461.68, with a volume of 2702908 shares changing hands. The stock had previously closed at $419.39.

SPOT has been the topic of a number of other reports. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday. Piper Sandler raised their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday. Wells Fargo & Company increased their price objective on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday. Pivotal Research lifted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday. Finally, KeyCorp increased their price target on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $412.72.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. bought a new position in Spotify Technology during the 1st quarter valued at approximately $342,000. Avantax Advisory Services Inc. bought a new position in shares of Spotify Technology during the first quarter valued at approximately $218,000. Bleakley Financial Group LLC lifted its stake in Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock worth $456,000 after acquiring an additional 177 shares during the period. Entropy Technologies LP bought a new stake in Spotify Technology in the first quarter valued at $1,127,000. Finally, Vanguard Group Inc. increased its position in Spotify Technology by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after purchasing an additional 23,675 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 11.4 %

The company’s fifty day simple moving average is $369.70 and its 200 day simple moving average is $334.73. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $93.03 billion, a P/E ratio of 127.00 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.