Spotify Technology (NYSE:SPOT) Shares Down 2.4%

Spotify Technology S.A. (NYSE:SPOT)’s stock price traded down 2.4% on Friday . The company traded as low as $275.88 and last traded at $282.17. 543,811 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,888,495 shares. The stock had previously closed at $289.20.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective for the company in a research report on Wednesday, February 7th. UBS Group upped their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Benchmark upped their price target on shares of Spotify Technology from $290.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Macquarie reaffirmed an “outperform” rating and set a $300.00 price target (up previously from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.24.

Spotify Technology Trading Down 5.2 %

The stock has a market capitalization of $54.36 billion, a P/E ratio of -97.70 and a beta of 1.63. The stock’s 50 day simple moving average is $266.24 and its 200 day simple moving average is $213.35.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm’s revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.43) earnings per share. On average, sell-side analysts expect that Spotify Technology S.A. will post 3.51 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

A number of large investors have recently modified their holdings of SPOT. BlackRock Inc. increased its stake in Spotify Technology by 6.3% during the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after buying an additional 241,026 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after purchasing an additional 1,133,305 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Spotify Technology by 0.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,733,909 shares of the company’s stock worth $215,843,000 after purchasing an additional 10,302 shares during the period. Finally, AMF Tjanstepension AB boosted its holdings in shares of Spotify Technology by 1.3% during the third quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock worth $313,146,000 after purchasing an additional 25,000 shares during the period. Institutional investors and hedge funds 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.