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

Shares of Spotify Technology S.A. (NYSE:SPOT) reached 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 traded. The stock had previously closed at $384.36.

Several other equities analysts have also commented on SPOT. Jefferies Financial Group restated a “buy” rating and issued a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Benchmark reaffirmed a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a research note on Monday, July 22nd. Redburn Atlantic reissued a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a research note on Wednesday, July 10th. UBS Group upped their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Guggenheim increased their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. One 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $376.21.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its holdings 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 valued at $25,000 after buying an additional 43 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $25,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. increased its holdings in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the period. Finally, FinTrust Capital Advisors LLC raised its stake 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 worth $33,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.8 %

The company has a fifty day moving average of $358.73 and a two-hundred day moving average of $327.25. 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 stock has a market capitalization of $74.41 billion, a price-to-earnings ratio of -583.88 and a beta of 1.58.

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.