Spotify Technology (NYSE:SPOT) Shares Gap Up – Here’s Why

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 changing hands.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. TD Cowen lifted 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. Bank of America upped their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Wells Fargo & Company boosted their price objective on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, Macquarie lifted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Stock Performance

The business’s 50 day moving average price is $549.75 and its two-hundred day moving average price is $456.64. The company has a market capitalization 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

Institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at $1,335,575,000. GQG Partners LLC acquired a new position in Spotify Technology in the fourth quarter worth approximately $800,725,000. Forsta AP Fonden bought a new position in shares of Spotify Technology in the fourth quarter valued at $619,600,000. Geode Capital Management LLC increased its stake in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $396,028,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.