Spotify Technology S.A. (NYSE:SPOT) is Contour Asset Management LLC's 9th Largest Position

Contour Asset Management LLC lowered its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 349,043 shares of the company's stock after selling 15,257 shares during the quarter. Spotify Technology comprises about 4.5% of Contour Asset Management LLC's portfolio, making the stock its 9th biggest holding. Contour Asset Management LLC owned about 0.18% of Spotify Technology worth $156,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of the stock. Jennison Associates LLC acquired a new position in Spotify Technology in the 4th quarter valued at about $1,335,575,000. FMR LLC boosted its stake in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after purchasing an additional 473,569 shares during the period. Schroder Investment Management Group grew its holdings in shares of 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 purchasing an additional 7,075 shares in the last quarter. GQG Partners LLC purchased a new stake in Spotify Technology during the 4th quarter worth approximately $800,725,000. Finally, Geode Capital Management LLC lifted its holdings in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Down 1.0 %

Shares of NYSE SPOT traded down $6.29 during midday trading on Friday, reaching $648.97. 1,210,728 shares of the company were exchanged, compared to its average volume of 2,167,680. The stock has a market cap of $132.85 billion, a P/E ratio of 109.07 and a beta of 1.72. Spotify Technology S.A. has a 1 year low of $286.21 and a 1 year high of $663.55. The stock has a fifty day simple moving average of $575.47 and a 200 day simple moving average of $523.89.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the firm posted $0.97 EPS. The company's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, analysts forecast that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SPOT shares. Cantor Fitzgerald cut their price objective on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. China Renaissance assumed coverage on Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target on the stock. Benchmark lifted their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Rosenblatt Securities cut their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Eight research 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 presently has a consensus rating of "Moderate Buy" and an average price target of $604.76.

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.