Spotify Technology S.A. (NYSE:SPOT - Get Free Report) reached a new 52-week high during trading on Tuesday after Pivotal Research raised their price target on the stock from $390.00 to $400.00. Pivotal Research currently has a buy rating on the stock. Spotify Technology traded as high as $314.80 and last traded at $306.54, with a volume of 2988845 shares changing hands. The stock had previously closed at $272.24.
Other analysts have also issued research reports about the stock. Benchmark lifted their price objective on shares of Spotify Technology from $290.00 to $325.00 and gave the company a "buy" rating in a research note on Thursday, April 18th. Raymond James lifted their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an "outperform" rating in a research note on Monday, April 15th. Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the company a "buy" rating in a research note on Monday. Wells Fargo & Company lifted their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 31st. Finally, HSBC initiated coverage on shares of Spotify Technology in a research note on Wednesday, March 27th. They issued a "buy" rating and a $310.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $276.58.
Check Out Our Latest Research Report on SPOT
Hedge Funds Weigh In On Spotify Technology
Several hedge funds and other institutional investors have recently modified their holdings of SPOT. Wellington Management Group LLP boosted its holdings in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company's stock valued at $459,364,000 after acquiring an additional 1,133,305 shares during the period. Schroder Investment Management Group raised its stake in shares of Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company's stock valued at $203,396,000 after purchasing an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in shares of Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company's stock valued at $173,673,000 after purchasing an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company's stock valued at $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify Technology during the fourth quarter valued at about $92,429,000. Institutional investors and hedge funds own 84.09% of the company's stock.
Spotify Technology Stock Up 11.5 %
The business's 50 day moving average is $269.00 and its two-hundred day moving average is $216.78. The firm has a market capitalization of $60.19 billion, a P/E ratio of -102.53 and a beta of 1.63.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same period in the previous year, the business earned ($1.43) earnings per share. The company's revenue was up 16.0% on a year-over-year basis. As a group, equities analysts anticipate that Spotify Technology S.A. will post 3.5 earnings per share for the current fiscal year.
About Spotify Technology
(
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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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