Contravisory Investment Management Inc. Sells 1,256 Shares of Spotify Technology $SPOT

Contravisory Investment Management Inc. lessened its holdings in Spotify Technology (NYSE:SPOT) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,381 shares of the company’s stock after selling 1,256 shares during the period. Spotify Technology comprises 2.3% of Contravisory Investment Management Inc.’s holdings, making the stock its 6th biggest holding. Contravisory Investment Management Inc.’s holdings in Spotify Technology were worth $11,835,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SPOT. Knuff & Co LLC acquired a new stake in shares of Spotify Technology in the 2nd quarter valued at approximately $27,000. Total Investment Management Inc. bought a new stake in shares of Spotify Technology during the 2nd quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. increased its position in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Finally, KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology in the 3rd quarter valued at approximately $26,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT stock opened at $492.28 on Tuesday. The company has a market capitalization of $101.35 billion, a P/E ratio of 51.07, a PEG ratio of 1.04 and a beta of 1.66. The company has a fifty day moving average price of $495.56 and a 200-day moving average price of $586.74. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.88 earnings per share. As a group, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research reports. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a research note on Friday, January 30th. Sanford C. Bernstein dropped their price target on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Benchmark reduced their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Finally, Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.