Contravisory Investment Management Inc. Sells 2,495 Shares of Spotify Technology S.A. (NYSE:SPOT)

Contravisory Investment Management Inc. reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 7.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,297 shares of the company's stock after selling 2,495 shares during the quarter. Spotify Technology accounts for 3.1% of Contravisory Investment Management Inc.'s portfolio, making the stock its largest position. Contravisory Investment Management Inc.'s holdings in Spotify Technology were worth $14,449,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at about $26,000. Benjamin Edwards Inc. boosted its holdings in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the period. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC raised its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock valued at $36,000 after purchasing an additional 33 shares during the period. Finally, V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology during the third quarter worth $40,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SPOT shares. Rosenblatt Securities raised their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the company a "buy" rating in a report on Thursday, October 17th. The Goldman Sachs Group raised their target price on Spotify Technology from $490.00 to $550.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Piper Sandler boosted their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 13th. KeyCorp raised their price objective on Spotify Technology from $520.00 to $555.00 and gave the company an "overweight" rating in a research note on Friday, January 10th. Finally, Phillip Securities reaffirmed an "accumulate" rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $441.21.

Spotify Technology Stock Down 0.1 %

NYSE SPOT traded down $0.61 on Thursday, hitting $490.08. The stock had a trading volume of 1,373,184 shares, compared to its average volume of 1,610,860. The company's 50-day moving average is $465.30 and its two-hundred day moving average is $387.49. Spotify Technology S.A. has a one year low of $191.88 and a one year high of $506.47. The stock has a market cap of $97.55 billion, a price-to-earnings ratio of 133.17 and a beta of 1.62.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 5.96 earnings per share for the current year.

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.