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

Contravisory Investment Management Inc. lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 22.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 25,191 shares of the company's stock after selling 7,106 shares during the quarter. Spotify Technology comprises about 2.9% of Contravisory Investment Management Inc.'s portfolio, making the stock its largest holding. Contravisory Investment Management Inc.'s holdings in Spotify Technology were worth $13,856,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC raised its holdings in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after buying an additional 473,569 shares in the last quarter. Schroder Investment Management Group grew its position in Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after acquiring an additional 7,075 shares during the last quarter. GQG Partners LLC acquired a new position in Spotify Technology during the fourth quarter worth about $800,725,000. Geode Capital Management LLC lifted its holdings in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after acquiring an additional 1,259,183 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Spotify Technology by 103.7% in the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after acquiring an additional 726,245 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded up $11.17 on Thursday, hitting $712.25. The company had a trading volume of 2,005,265 shares, compared to its average volume of 2,218,293. The stock has a 50 day moving average of $606.47 and a 200-day moving average of $554.79. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $717.50. The stock has a market capitalization of $145.80 billion, a price-to-earnings ratio of 119.71 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) 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 net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the company earned $0.97 EPS. The business's revenue for the quarter was up 15.2% on a year-over-year basis. Equities analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SPOT shares. Canaccord Genuity Group raised their price objective on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Loop Capital increased their price target on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. Robert W. Baird raised their price objective on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Sanford C. Bernstein upgraded Spotify Technology to a "strong-buy" rating in a report on Tuesday. Finally, Cantor Fitzgerald decreased their target price on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $611.14.

Spotify Technology 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.