Spotify Technology (NYSE:SPOT) Shares Down 2.2%

Spotify Technology S.A. (NYSE:SPOT - Get Free Report) fell 2.2% on Monday . The stock traded as low as $287.81 and last traded at $288.11. 139,800 shares changed hands during trading, a decline of 93% from the average session volume of 2,100,563 shares. The stock had previously closed at $294.60.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of analyst reports. Loop Capital upped their price target on Spotify Technology from $165.00 to $250.00 and gave the stock a "hold" rating in a research report on Monday, April 22nd. Wells Fargo & Company raised their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 31st. Rosenblatt Securities lifted their target price on shares of Spotify Technology from $315.00 to $396.00 and gave the company a "buy" rating in a research note on Wednesday, April 24th. DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $240.00 price objective for the company in a research note on Wednesday, February 7th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Spotify Technology from $260.00 to $340.00 and gave the stock a "buy" rating in a research report on Wednesday, April 17th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $306.42.

Spotify Technology Stock Performance

The company's fifty day moving average price is $279.72 and its 200-day moving average price is $229.16. The stock has a market cap of $55.10 billion, a P/E ratio of -432.40 and a beta of 1.61.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter last year, the firm earned ($1.24) earnings per share. Analysts anticipate that Spotify Technology S.A. will post 4.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPOT. Massachusetts Financial Services Co. MA grew its stake in Spotify Technology by 16.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company's stock worth $572,015,000 after acquiring an additional 523,237 shares in the last quarter. Wellington Management Group LLP grew its stake in Spotify Technology by 61.7% in 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 in the last quarter. Acadian Asset Management LLC increased its holdings in Spotify Technology by 11.5% during the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company's stock worth $296,376,000 after purchasing an additional 197,368 shares during the period. Artisan Partners Limited Partnership increased its holdings in Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company's stock worth $263,226,000 after purchasing an additional 277,733 shares during the period. Finally, Schroder Investment Management Group raised its position in Spotify Technology by 303.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company's stock valued at $203,396,000 after purchasing an additional 989,243 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.