Spotify Technology (NYSE:SPOT) Stock Price Down 2.4%

Spotify Technology S.A. (NYSE:SPOT)’s stock price fell 2.4% during trading on Friday . The company traded as low as $275.88 and last traded at $282.17. 543,811 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 1,888,495 shares. The stock had previously closed at $289.20.

Wall Street Analyst Weigh In

A number of research firms recently commented on SPOT. Benchmark increased their price objective on Spotify Technology from $290.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday. Bank of America increased their price objective on Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $280.00 to $320.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. UBS Group increased their price objective on Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Finally, Pivotal Research increased their price objective on Spotify Technology from $330.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $265.24.

Spotify Technology Stock Down 4.6 %

The company has a market capitalization of $54.70 billion, a P/E ratio of -93.19 and a beta of 1.63. The firm has a 50-day moving average price of $266.94 and a two-hundred day moving average price of $214.58.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. Spotify Technology’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned ($1.43) earnings per share. On average, analysts predict that Spotify Technology S.A. will post 3.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pitcairn Co. lifted its position in Spotify Technology by 2.1% in the fourth quarter. Pitcairn Co. now owns 2,070 shares of the company’s stock worth $389,000 after purchasing an additional 43 shares during the period. Lindbrook Capital LLC lifted its holdings in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the period. Signaturefd LLC lifted its holdings in shares of Spotify Technology by 4.4% during the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares during the period. Summit Trail Advisors LLC lifted its holdings in shares of Spotify Technology by 3.5% during the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after acquiring an additional 56 shares during the period. Finally, Private Trust Co. NA lifted its holdings in shares of Spotify Technology by 18.4% during the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after acquiring an additional 57 shares during the period. 84.09% of the stock is 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.