Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 7.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,297 shares of the company’s stock after selling 2,495 shares during the period. Spotify Technology comprises about 3.1% of Contravisory Investment Management Inc.’s portfolio, making the stock its largest holding. Contravisory Investment Management Inc.’s holdings in Spotify Technology were worth $14,449,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. WCM Investment Management LLC grew its position in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the period. Sei Investments Co. grew its position in Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after purchasing an additional 333,782 shares during the last quarter. FMR LLC increased its position in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Spotify Technology by 3,948.3% during the 3rd quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock valued at $97,329,000 after acquiring an additional 257,706 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Up 5.6 %

Shares of SPOT stock opened at $489.56 on Thursday. Spotify Technology S.A. has a 12 month low of $191.88 and a 12 month high of $506.47. The firm has a market cap of $97.45 billion, a PE ratio of 133.03 and a beta of 1.62. The stock has a 50 day moving average of $463.33 and a 200-day moving average of $386.77.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business earned $0.36 earnings per share. As a group, equities analysts predict that Spotify Technology S.A. will post 5.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Barclays lifted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. TD Cowen lifted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their price target on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Morgan Stanley raised their price objective on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $438.36.

About Spotify Technology

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.