Spotify Technology (NYSE:SPOT) Sets New 12-Month High - Here's What Happened

Spotify Technology S.A. (NYSE:SPOT - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $671.24 and last traded at $666.41, with a volume of 569947 shares. The stock had previously closed at $653.82.

Analyst Ratings Changes

A number of brokerages have commented on SPOT. Loop Capital boosted their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Citigroup upped their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. Robert W. Baird increased their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Macquarie increased their target price on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Finally, Barclays lowered their price objective on Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $609.07.

Spotify Technology Price Performance

The company has a market capitalization of $133.38 billion, a P/E ratio of 109.75 and a beta of 1.72. The company has a 50 day moving average of $598.28 and a 200-day moving average of $547.11.

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

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC purchased a new position in Spotify Technology in the 4th quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the fourth quarter worth $27,000. Tsfg LLC bought a new stake in shares of Spotify Technology during the 1st quarter valued at $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology during the 4th quarter valued at $29,000. Finally, Cornerstone Planning Group LLC grew its position in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.