Spotify Technology (NYSE:SPOT) Shares Down 5.9% - Should You Sell?

Spotify Technology S.A. (NYSE:SPOT - Get Free Report) shares fell 5.9% during mid-day trading on Monday . The stock traded as low as $602.00 and last traded at $609.81. 1,091,704 shares traded hands during trading, a decline of 56% from the average session volume of 2,484,798 shares. The stock had previously closed at $648.25.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SPOT. FBN Securities began coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective on the stock. Robert W. Baird upped their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Macquarie upped their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. Finally, Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $606.48.

Spotify Technology Trading Down 4.0%

The stock has a market cap of $127.41 billion, a PE ratio of 104.60 and a beta of 1.72. The business has a 50-day moving average price of $575.47 and a 200-day moving average price of $525.93.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the company posted $0.97 earnings per share. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. Equities analysts expect that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth about $1,335,575,000. GQG Partners LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth about $800,725,000. Goldman Sachs Group Inc. increased its position in shares of Spotify Technology by 1,151.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock worth $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. Forsta AP Fonden acquired a new stake in shares of Spotify Technology during the 4th quarter worth about $619,600,000. Finally, Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% during 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 during the last quarter. 84.09% of the stock is 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.

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