Spotify Technology (NYSE:SPOT) Shares Gap Up – Should You Buy?

Spotify Technology S.A. (NYSE:SPOT) 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 trading hands.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent research reports. Macquarie increased their target price on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Cantor Fitzgerald reissued a “neutral” rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. KeyCorp lifted their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Rosenblatt Securities reaffirmed 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. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Stock Performance

The company has a market capitalization of $110.36 billion, a P/E ratio of 90.61 and a beta of 1.66. The company’s fifty day simple moving average is $553.16 and its 200-day simple moving average is $457.77.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the company. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Spotify Technology in the fourth quarter worth $214,000. Covenant Asset Management LLC purchased a new position in shares of Spotify Technology during the third quarter worth $3,364,000. Finally, Kestra Investment Management LLC purchased a new stake in Spotify Technology in the third quarter valued at $780,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.