Spotify Technology (NYSE:SPOT) Hits New 52-Week High - Here's Why

Shares of Spotify Technology (NYSE:SPOT - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $731.88 and last traded at $729.36, with a volume of 582940 shares traded. The stock had previously closed at $707.42.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SPOT shares. Cantor Fitzgerald raised their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. UBS Group reaffirmed an "overweight" rating on shares of Spotify Technology in a research note on Friday, June 6th. Finally, Barclays cut their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $630.28.

Spotify Technology Price Performance

The stock has a market capitalization of $149.00 billion, a PE ratio of 120.37, a PEG ratio of 1.85 and a beta of 1.68. The stock's 50 day simple moving average is $646.29 and its two-hundred day simple moving average is $575.23.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 EPS. As a group, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kondo Wealth Advisors Inc. purchased a new position in Spotify Technology in the first quarter worth approximately $205,000. Cim LLC boosted its holdings in Spotify Technology by 404.9% in the 1st quarter. Cim LLC now owns 22,353 shares of the company's stock worth $12,295,000 after acquiring an additional 17,926 shares during the period. Anderson Financial Strategies LLC purchased a new stake in Spotify Technology during the 1st quarter worth approximately $600,000. Strs Ohio bought a new position in Spotify Technology during the 1st quarter worth approximately $19,127,000. Finally, Geneos Wealth Management Inc. boosted its position in Spotify Technology by 99.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 790 shares of the company's stock valued at $435,000 after purchasing an additional 394 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

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.

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