Spotify Technology (NYSE:SPOT) Shares Down 2.4%

Spotify Technology S.A. (NYSE:SPOT - Get Free Report) was down 2.4% on Friday . The company traded as low as $275.88 and last traded at $282.17. Approximately 543,811 shares changed hands during trading, a decline of 71% from the average daily volume of 1,888,495 shares. The stock had previously closed at $289.20.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SPOT shares. Deutsche Bank Aktiengesellschaft raised their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a "buy" rating in a research note on Wednesday. Barclays lifted their target price on Spotify Technology from $270.00 to $335.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 10th. Pivotal Research lifted their target price on Spotify Technology from $330.00 to $390.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. The Goldman Sachs Group lifted their target price on Spotify Technology from $235.00 to $277.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, DZ Bank upgraded 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. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average target price of $265.24.

Spotify Technology Stock Down 4.6 %

The business has a 50-day moving average price of $266.94 and a 200-day moving average price of $214.16. The company has a market capitalization of $54.70 billion, a price-to-earnings ratio of -93.17 and a beta of 1.63.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted ($1.43) earnings per share. Spotify Technology's revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, sell-side analysts predict that Spotify Technology S.A. will post 3.51 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SPOT. Future Financial Wealth Managment LLC purchased a new position in Spotify Technology in the first quarter valued at about $40,000. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology in the fourth quarter valued at about $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology in the fourth quarter valued at about $32,000. First Horizon Advisors Inc. grew its stake in Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company's stock valued at $27,000 after purchasing an additional 117 shares in the last quarter. Finally, LM Advisors LLC acquired a new stake in shares of Spotify Technology in the fourth quarter worth about $37,000. 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.