Spotify Technology (NYSE:SPOT) Stock Price Up 4.5% – Time to Buy?

Spotify Technology S.A. (NYSE:SPOT) shot up 4.5% on Tuesday . The company traded as high as $573.75 and last traded at $573.64. 999,595 shares were traded during trading, a decline of 54% from the average session volume of 2,177,078 shares. The stock had previously closed at $549.17.

Wall Street Analyst Weigh In

Several analysts recently commented on SPOT shares. Citigroup raised their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Morgan Stanley increased their price objective on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Cantor Fitzgerald dropped their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $564.45.

Spotify Technology Stock Performance

The stock has a market cap of $116.38 billion, a PE ratio of 95.18 and a beta of 1.75. The business has a 50-day moving average of $577.96 and a 200 day moving average of $496.06.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans raised its stake in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after purchasing an additional 6,782 shares during the period. Jennison Associates LLC acquired a new position in Spotify Technology in the fourth quarter valued at $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in Spotify Technology during the fourth quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth about $214,000. Finally, Swedbank AB lifted its stake in shares of Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after purchasing an additional 163,626 shares in the last quarter. Hedge funds and other 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.