This afternoon we watched Spotify Technology drop -3.5% to a price of $308.21 per share. The Large-Cap Broadcasting company is now trading -10.3% below its average target price of $343.59. Analysts have set target prices ranging from $210.41 to $405.78 per share for Spotify Technology, and have given the stock an average rating of buy.
The stock has an average amount of shares sold short at 2.3%, and a short ratio of 1.08. The company's insiders own 26.32% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that an average number of institutional investors are invested in the stock, with 61.6% of Spotify Technology's shares being owned by this investor type.
Institutions Invested in Spotify Technology
| Date Reported | Holder | Percentage | Shares | Value |
|---|---|---|---|---|
| 2024-03-31 | Baillie Gifford and Company | 11% | 21,462,079 | $6,614,827,185 |
| 2024-03-31 | Morgan Stanley | 4% | 7,533,162 | $2,321,795,795 |
| 2024-03-31 | Price (T.Rowe) Associates Inc | 3% | 5,842,796 | $1,800,808,105 |
| 2024-03-31 | Blackrock Inc. | 3% | 5,521,009 | $1,701,630,136 |
| 2024-03-31 | Wellington Management Group, LLP | 3% | 4,849,969 | $1,494,808,904 |
| 2024-03-31 | T. Rowe Price Investment Management, Inc. | 2% | 4,491,406 | $1,384,296,204 |
| 2024-03-31 | Massachusetts Financial Services Co. | 2% | 3,381,093 | $1,042,086,644 |
| 2024-03-31 | JP Morgan Chase & Company | 1% | 2,740,202 | $844,557,635 |
| 2024-03-31 | Arrowstreet Capital, Limited Partnership | 1% | 2,433,348 | $749,982,166 |
| 2024-03-31 | GQG Partners LLC | 1% | 2,311,633 | $712,468,387 |
Besides an analyst consensus of some upside potential, other market factors point to there being positive market sentiment on Spotify Technology.
