Spotify Technology (NYSE:SPOT) Shares Gap Down - Here's Why

Spotify Technology S.A. (NYSE:SPOT - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $597.73, but opened at $558.00. Spotify Technology shares last traded at $547.24, with a volume of 1,895,230 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPOT. UBS Group cut their price objective on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Rosenblatt Securities decreased their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday. China Renaissance began coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price objective for the company. Finally, Robert W. Baird lifted their target price on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday. Seven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $606.71.

Spotify Technology Price Performance

The firm has a market capitalization of $131.15 billion, a P/E ratio of 107.41 and a beta of 1.75. The company's 50 day moving average price is $569.30 and its 200 day moving average price is $512.73.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Thrivent Financial for Lutherans boosted its holdings in Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after acquiring an additional 6,782 shares during the last quarter. Jennison Associates LLC acquired a new position in Spotify Technology during the 4th quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology in the 4th quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $214,000. Finally, Swedbank AB raised its stake in shares of Spotify Technology by 20.9% during the fourth quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after buying an additional 163,626 shares during 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.