Spotify Technology (NYSE:SPOT) Hits New 1-Year High - What's Next?

Shares of Spotify Technology S.A. (NYSE:SPOT - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $675.00 and last traded at $660.72, with a volume of 383067 shares changing hands. The stock had previously closed at $665.14.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday. Redburn Atlantic assumed coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective for the company. Benchmark lifted their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. China Renaissance started coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 target price on the stock. Finally, The Goldman Sachs Group increased their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $611.14.

Spotify Technology Stock Performance

The company has a market capitalization of $145.80 billion, a price-to-earnings ratio of 119.71 and a beta of 1.72. The business's 50-day simple moving average is $606.47 and its 200-day simple moving average is $554.79.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. The company's quarterly revenue was up 15.2% on a year-over-year basis. On average, analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. GQG Partners LLC acquired a new position in Spotify Technology in the fourth quarter valued at about $800,725,000. Goldman Sachs Group Inc. increased its stake in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after acquiring an additional 1,601,653 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $396,028,000. Institutional investors and hedge funds 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.