Spotify Technology (NYSE:SPOT) Reaches New 1-Year High After Analyst Upgrade

Shares of Spotify Technology S.A. (NYSE:SPOT - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday after Macquarie raised their price target on the stock from $395.00 to $500.00. Macquarie currently has an outperform rating on the stock. Spotify Technology traded as high as $462.39 and last traded at $461.68, with a volume of 2702908 shares trading hands. The stock had previously closed at $419.39.

Several other equities analysts have also weighed in on the stock. Bank of America increased their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a "buy" rating in a research report on Wednesday. Barclays lifted their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an "overweight" rating in a report on Wednesday. Guggenheim upped their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a "buy" rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $425.00 to $530.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Phillip Securities restated an "accumulate" rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $412.72.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Aigen Investment Management LP increased its position in Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company's stock valued at $3,612,000 after purchasing an additional 2,918 shares during the period. Perpetual Ltd increased its position in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company's stock worth $279,965,000 after buying an additional 148,431 shares during the period. Pathway Capital Management LP raised its stake in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company's stock worth $21,132,000 after buying an additional 11,042 shares during the last quarter. TD Asset Management Inc raised its stake in Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company's stock worth $135,339,000 after buying an additional 12,192 shares during the last quarter. Finally, Jag Capital Management LLC acquired a new position in Spotify Technology in the third quarter valued at $13,569,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 11.4 %

The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock's 50-day simple moving average is $369.70 and its 200 day simple moving average is $334.73. The firm has a market cap of $93.03 billion, a P/E ratio of 127.00 and a beta of 1.56.

About Spotify Technology

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.