Contravisory Investment Management Inc. Sells 2,495 Shares of Spotify Technology S.A. (NYSE:SPOT)

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

Several other institutional investors have also modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $26,000. Benjamin Edwards Inc. grew its holdings in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC raised its position in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth $40,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SPOT shares. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. TD Cowen upped their price target on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Bank of America lifted their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $438.36.

Spotify Technology Stock Up 5.6 %

SPOT stock opened at $489.56 on Thursday. The company has a market capitalization of $97.45 billion, a PE ratio of 133.03 and a beta of 1.62. The stock’s 50 day moving average is $463.33 and its two-hundred day moving average is $386.77. Spotify Technology S.A. has a 52-week low of $191.88 and a 52-week high of $506.47.

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

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.