Spotify Technology (NYSE:SPOT) Hits New 1-Year High – Should You Buy?

Shares of Spotify Technology S.A. (NYSE:SPOT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $597.00 and last traded at $617.59, with a volume of 362554 shares. The stock had previously closed at $549.08.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SPOT shares. Piper Sandler raised their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Barclays lifted their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. TD Cowen upped their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group upped their price objective on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $451.39.

Spotify Technology Stock Up 9.3 %

The firm has a market cap of $119.45 billion, a price-to-earnings ratio of 163.23 and a beta of 1.63. The company’s 50-day moving average price is $482.11 and its 200-day moving average price is $407.08.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 4th. The company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.18). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. On average, sell-side analysts predict that Spotify Technology S.A. will post 5.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in SPOT. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the period. West Bancorporation Inc. boosted its stake in shares of Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares during the period. Joel Isaacson & Co. LLC grew its stake in shares of Spotify Technology by 1.9% during the fourth quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after acquiring an additional 29 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares during the last quarter. Finally, Park National Corp OH grew its holdings in Spotify Technology by 4.1% during the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after acquiring an additional 31 shares in the last quarter. 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.