Contravisory Investment Management Inc. Has $13.86 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Contravisory Investment Management Inc. cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 22.0% during the first quarter, Holdings Channel.com reports. The fund owned 25,191 shares of the company’s stock after selling 7,106 shares during the period. Spotify Technology accounts for approximately 2.9% of Contravisory Investment Management Inc.’s portfolio, making the stock its largest position. Contravisory Investment Management Inc.’s holdings in Spotify Technology were worth $13,856,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Auxano Advisors LLC increased its stake in Spotify Technology by 2.5% in the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. lifted its holdings in shares of Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after purchasing an additional 25 shares during the last quarter. Covenant Partners LLC raised its stake in Spotify Technology by 2.5% in the fourth quarter. Covenant Partners LLC now owns 1,024 shares of the company’s stock valued at $458,000 after buying an additional 25 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after purchasing an additional 26 shares in the last quarter. Finally, Harbour Investments Inc. grew its holdings in shares of Spotify Technology by 13.3% during the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after buying an additional 26 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SPOT. Benchmark upped their target price on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. KeyCorp dropped their price target on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Citigroup lifted their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Finally, Macquarie raised their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $609.07.

Spotify Technology Trading Down 0.2%

SPOT stock opened at $670.89 on Wednesday. The firm has a market capitalization of $137.34 billion, a PE ratio of 112.76 and a beta of 1.72. The business’s 50 day simple moving average is $603.63 and its 200 day simple moving average is $553.77. Spotify Technology S.A. has a 1-year low of $288.07 and a 1-year high of $678.57.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, sell-side analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current fiscal 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.