Spotify Technology $SPOT is Contravisory Investment Management Inc.’s Largest Position

Contravisory Investment Management Inc. trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 11.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,637 shares of the company’s stock after selling 2,722 shares during the quarter. Spotify Technology makes up about 2.9% 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 $15,103,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SPOT. Dimensional Fund Advisors LP increased its position in Spotify Technology by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 225,260 shares of the company’s stock worth $123,908,000 after purchasing an additional 21,494 shares during the last quarter. Raymond James Financial Inc. lifted its position in shares of Spotify Technology by 2.2% during the first quarter. Raymond James Financial Inc. now owns 127,102 shares of the company’s stock worth $69,910,000 after purchasing an additional 2,741 shares during the last quarter. Brooklyn Investment Group grew its stake in Spotify Technology by 30.7% in the 1st quarter. Brooklyn Investment Group now owns 260 shares of the company’s stock worth $143,000 after acquiring an additional 61 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Spotify Technology by 11.4% during the 1st quarter. Hsbc Holdings PLC now owns 80,485 shares of the company’s stock worth $43,564,000 after buying an additional 8,205 shares in the last quarter. Finally, Credit Agricole S A increased its holdings in Spotify Technology by 70.2% during the first quarter. Credit Agricole S A now owns 27,153 shares of the company’s stock valued at $14,935,000 after buying an additional 11,196 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Barclays decreased their price objective on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Cantor Fitzgerald boosted their price objective on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a report on Wednesday, November 5th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Finally, The Goldman Sachs Group cut Spotify Technology from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $765.00 to $770.00 in a research report on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $563.90 on Friday. The company has a 50 day simple moving average of $623.04 and a 200-day simple moving average of $674.90. The company has a market capitalization of $116.10 billion, a P/E ratio of 88.66, a P/E/G ratio of 1.87 and a beta of 1.66. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the prior year, the firm earned $1.45 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. As a group, research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

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.