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

Spotify Technology S.A. (NYSE:SPOTGet Free Report) 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.

View Our Latest Stock Report on SPOT

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

(Get Free Report)

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.

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