Spotify Technology $SPOT Shares Sold by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. cut its position in Spotify Technology (NYSE:SPOT) by 5.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,381 shares of the company’s stock after selling 1,256 shares during the quarter. Spotify Technology comprises about 2.3% of Contravisory Investment Management Inc.’s portfolio, making the stock its 6th biggest holding. Contravisory Investment Management Inc.’s holdings in Spotify Technology were worth $11,835,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Norges Bank acquired a new stake in shares of Spotify Technology during the second quarter worth $768,915,000. Capital World Investors grew its stake in shares of Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after acquiring an additional 789,755 shares in the last quarter. Capital Research Global Investors bought a new position in Spotify Technology during the third quarter worth about $512,190,000. Principal Financial Group Inc. increased its position in Spotify Technology by 3,534.9% during the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock worth $398,889,000 after acquiring an additional 555,752 shares during the period. Finally, Fisher Asset Management LLC raised its stake in Spotify Technology by 22.7% in the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Up 3.7%

Shares of NYSE:SPOT opened at $492.28 on Tuesday. The firm has a 50 day moving average of $495.56 and a 200-day moving average of $586.74. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The stock has a market capitalization of $101.35 billion, a PE ratio of 51.07, a PEG ratio of 1.04 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the business posted $1.88 EPS. On average, research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent research reports. Pivotal Research downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $875.00 to $420.00 in a report on Wednesday, February 11th. Barclays lifted their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Moffett Nathanson started coverage on Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price target for the company. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Finally, Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective on the stock in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $703.87.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.