Spotify Technology (NYSE:SPOT) Reaches New 1-Year High on Better-Than-Expected Earnings

Spotify Technology S.A. (NYSE:SPOT)’s stock price reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $314.80 and last traded at $306.54, with a volume of 2988845 shares trading hands. The stock had previously closed at $272.24.

The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the firm earned ($1.24) earnings per share.

Analyst Ratings Changes

SPOT has been the subject of several research reports. Benchmark increased their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $277.00 to $317.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America increased their price objective on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research report on Wednesday. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday. Finally, KeyCorp increased their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently bought and sold shares of the business. First Horizon Advisors Inc. increased its holdings in Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares during the period. Pinnacle Bancorp Inc. bought a new position in Spotify Technology in the 4th quarter valued at about $29,000. GAMMA Investing LLC bought a new position in Spotify Technology in the 4th quarter valued at about $32,000. Lindbrook Capital LLC increased its holdings in 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 buying an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in Spotify Technology in the 1st quarter valued at about $40,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

The stock has a market capitalization of $55.80 billion, a P/E ratio of -95.05 and a beta of 1.63. The firm’s fifty day simple moving average is $269.74 and its 200 day simple moving average is $217.24.

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.