Spotify Technology (NYSE:SPOT) Hits New 1-Year High at $278.30

Spotify Technology S.A. (NYSE:SPOT) reached a new 52-week high on Tuesday . The company traded as high as $278.30 and last traded at $272.80, with a volume of 444081 shares trading hands. The stock had previously closed at $261.92.

Analyst Ratings Changes

Several analysts recently commented on the company. Robert W. Baird raised their target price on Spotify Technology from $185.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, December 8th. Morgan Stanley raised their price target on shares of Spotify Technology from $250.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Macquarie reissued an “outperform” rating and set a $300.00 target price (up from $232.00) on shares of Spotify Technology in a research note on Wednesday, February 7th. HSBC assumed coverage on Spotify Technology in a research report on Wednesday. They set a “buy” rating and a $310.00 price target on the stock. Finally, Wells Fargo & Company upped their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.36.

Spotify Technology Stock Down 1.0 %

The stock has a 50-day simple moving average of $241.86 and a 200 day simple moving average of $198.29.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.43) EPS. As a group, equities research analysts expect that Spotify Technology S.A. will post 3.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology in the fourth quarter valued at $29,000. GAMMA Investing LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $32,000. First Horizon Advisors Inc. lifted its stake in Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the last quarter. LM Advisors LLC acquired a new position in Spotify Technology during the 4th quarter worth approximately $37,000. Finally, Lindbrook Capital LLC increased its position in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.