Spotify Technology (NYSE:SPOT) Hits New 12-Month High – Still a Buy?

Spotify Technology S.A. (NYSE:SPOT)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $723.10 and last traded at $716.82, with a volume of 200333 shares trading hands. The stock had previously closed at $710.85.

Analysts Set New Price Targets

SPOT has been the topic of several recent analyst reports. Phillip Securities raised Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Robert W. Baird raised their target price on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. China Renaissance started coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 target price on the stock. Evercore ISI reduced their target price on Spotify Technology from $700.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lifted their price target on Spotify Technology from $670.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. Eight analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Price Performance

The company has a market cap of $147.33 billion, a P/E ratio of 120.80 and a beta of 1.68. The business’s 50 day moving average price is $629.98 and its 200-day moving average price is $567.40.

Spotify Technology (NYSE:SPOT) last announced its earnings results 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 business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the company posted $0.97 EPS. Spotify Technology’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its holdings 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 buying an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Spotify Technology by 3.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock valued at $1,939,949,000 after acquiring an additional 112,553 shares during the period. FMR LLC increased its holdings in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after acquiring an additional 473,569 shares in the last quarter. Schroder Investment Management Group increased its holdings in shares of Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after acquiring an additional 7,075 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $800,725,000. Institutional investors own 84.09% of the company’s stock.

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.