Spotify Technology (NYSE:SPOT) Shares Down 2.4%

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPOT. Morgan Stanley lifted their price objective on shares of Spotify Technology from $250.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. HSBC initiated coverage on shares of Spotify Technology in a report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 price target on the stock. TheStreet raised shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $280.00 to $320.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Barclays lifted their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $265.24.

Spotify Technology Stock Down 5.2 %

The company has a market capitalization of $54.36 billion, a price-to-earnings ratio of -97.70 and a beta of 1.63. The business’s 50-day moving average is $266.24 and its 200-day moving average is $213.35.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.43) earnings per share. As a group, analysts expect that Spotify Technology S.A. will post 3.51 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Spotify Technology by 28.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 501,072 shares of the company’s stock worth $132,233,000 after purchasing an additional 109,776 shares in the last quarter. Integrity Wealth Solutions LLC purchased a new stake in shares of Spotify Technology during the first quarter worth about $343,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Spotify Technology by 157.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock worth $1,138,000 after purchasing an additional 2,635 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Spotify Technology during the first quarter worth about $40,000. Finally, Brookstone Capital Management increased its stake in shares of Spotify Technology by 5.0% during the first quarter. Brookstone Capital Management now owns 1,280 shares of the company’s stock worth $338,000 after purchasing an additional 61 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.