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

Spotify Technology S.A. (NYSE:SPOT)’s stock price reached a new 52-week high during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $430.00 to $490.00. The Goldman Sachs Group currently has a buy rating on the stock. Spotify Technology traded as high as $462.39 and last traded at $461.68, with a volume of 2702908 shares trading hands. The stock had previously closed at $419.39.

Several other research analysts have also recently commented on SPOT. Rosenblatt Securities boosted their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Wells Fargo & Company upped their price objective on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday. Evercore ISI upped their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Macquarie upped their target price on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday, July 24th. One investment 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $421.69.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. purchased a new stake in shares of Spotify Technology in the first quarter valued at $342,000. Avantax Advisory Services Inc. bought a new stake in Spotify Technology in the first quarter valued at about $218,000. Bleakley Financial Group LLC increased its holdings in Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after buying an additional 177 shares during the last quarter. Vanguard Group Inc. increased its holdings in Spotify Technology by 4.0% in the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after buying an additional 23,675 shares during the last quarter. Finally, Edgestream Partners L.P. increased its holdings in Spotify Technology by 186.2% in the first quarter. Edgestream Partners L.P. now owns 20,153 shares of the company’s stock valued at $5,318,000 after buying an additional 13,111 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

The company has a market capitalization of $95.07 billion, a P/E ratio of 131.68 and a beta of 1.56. The company has a fifty day moving average price of $372.46 and a 200 day moving average price of $335.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick 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.