Spotify Technology (NYSE:SPOT) Shares Gap Up – Still a Buy?

Spotify Technology S.A. (NYSE:SPOT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $508.44, but opened at $544.46. Spotify Technology shares last traded at $532.20, with a volume of 647,965 shares.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 target price (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Piper Sandler raised their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Redburn Atlantic started coverage on shares of Spotify Technology in a report on Tuesday. They set a “neutral” rating and a $545.00 price target for the company. Finally, Bank of America boosted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Stock Performance

The company’s fifty day moving average is $549.75 and its two-hundred day moving average is $456.64. The firm has a market cap of $109.90 billion, a price-to-earnings ratio of 90.17 and a beta of 1.66.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently modified their holdings of the stock. Aigen Investment Management LP lifted its position in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares in the last quarter. Jennison Associates LLC purchased a new position in Spotify Technology in the 4th quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in Spotify Technology in the 4th quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth about $214,000. Finally, Pathway Capital Management LP increased its position in shares of 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 acquiring an additional 11,042 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.