Spotify Technology (NYSE:SPOT) Hits New 52-Week High Following Analyst Upgrade

Spotify Technology S.A. (NYSE:SPOT) shares hit 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 changing hands. The stock had previously closed at $384.36.

Other equities analysts have also recently issued reports about the company. Benchmark reiterated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a report on Monday, July 22nd. KeyCorp raised their price target on shares of Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Pivotal Research lifted their target price on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Redburn Atlantic reissued a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a research report on Wednesday, July 10th. Finally, Guggenheim lifted their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research 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 given a buy rating to the stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $376.21.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently made changes to their positions in SPOT. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth about $610,040,000. Swedbank AB bought a new stake in Spotify Technology during the 1st quarter valued at about $198,663,000. International Assets Investment Management LLC lifted its holdings in Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after buying an additional 346,585 shares in the last quarter. Sei Investments Co. lifted its holdings in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after buying an additional 333,782 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Spotify Technology by 179.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock valued at $140,120,000 after buying an additional 243,933 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.6 %

The business’s fifty day moving average is $359.73 and its two-hundred day moving average is $327.72. The company has a market cap of $74.89 billion, a P/E ratio of -587.66 and a beta of 1.58. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

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.