Spotify Technology (NYSE:SPOT) Trading Down 3.2% - Should You Sell?

Spotify Technology (NYSE:SPOT - Get Free Report) shares dropped 3.2% on Friday . The company traded as low as $698.14 and last traded at $697.99. Approximately 152,602 shares were traded during trading, a decline of 93% from the average daily volume of 2,211,592 shares. The stock had previously closed at $720.91.

Analyst Ratings Changes

SPOT has been the topic of a number of research reports. China Renaissance initiated coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price on the stock. DZ Bank downgraded shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research report on Friday, June 13th. FBN Securities began coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price for the company. Sanford C. Bernstein increased their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley increased their target price on shares of Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $701.31.

Spotify Technology Trading Down 4.0%

The firm's 50-day moving average is $695.14 and its 200-day moving average is $608.01. The firm has a market cap of $141.67 billion, a price-to-earnings ratio of 114.86, a P/E/G ratio of 1.88 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the business posted $0.97 earnings per share. Spotify Technology's revenue was up 15.2% on a year-over-year basis. Analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the business. GQG Partners LLC bought a new stake in Spotify Technology during the 4th quarter valued at $800,725,000. Goldman Sachs Group Inc. increased its position in shares of Spotify Technology by 1,151.0% in the first 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. Jennison Associates LLC increased its position in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% in the fourth 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. Finally, Norges Bank bought a new position in shares of Spotify Technology in the fourth quarter worth approximately $396,028,000. 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.

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