Spotify Technology (NYSE:SPOT) Stock Price Down 2.2%

Spotify Technology S.A. (NYSE:SPOTGet Free Report)’s share price traded down 2.2% during mid-day trading on Monday . The stock traded as low as $235.21 and last traded at $235.40. 909,531 shares were traded during mid-day trading, a decline of 56% from the average session volume of 2,076,996 shares. The stock had previously closed at $240.77.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. KeyCorp raised their price target on shares of Spotify Technology from $255.00 to $300.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. UBS Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $170.00 to $274.00 in a research note on Tuesday, January 30th. Benchmark boosted their target price on shares of Spotify Technology from $260.00 to $290.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Finally, Pivotal Research boosted their target price on shares of Spotify Technology from $265.00 to $330.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $223.36.

Read Our Latest Report on Spotify Technology

Spotify Technology Price Performance

The company’s 50-day simple moving average is $202.91 and its 200-day simple moving average is $173.29. The stock has a market capitalization of $45.80 billion, a P/E ratio of -79.46 and a beta of 1.60.

Spotify Technology (NYSE:SPOTGet Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted ($1.43) earnings per share. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, analysts forecast that Spotify Technology S.A. will post 3.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Acadian Asset Management LLC increased its holdings in shares of Spotify Technology by 55,455.8% in the second quarter. Acadian Asset Management LLC now owns 1,719,453 shares of the company’s stock valued at $276,015,000 after purchasing an additional 1,716,358 shares during the last quarter. Norges Bank acquired a new position in shares of Spotify Technology in the fourth quarter valued at about $123,027,000. Wellington Management Group LLP grew its stake in shares of Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after acquiring an additional 989,243 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in shares of Spotify Technology by 194.7% in the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after acquiring an additional 741,955 shares in the last quarter. 56.89% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology

(Get Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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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