Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. decreased its stake in Spotify Technology S.A. (NYSE:SPOT) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,792 shares of the company’s stock after selling 512 shares during the period. Spotify Technology accounts for about 2.7% of Contravisory Investment Management Inc.’s holdings, making the stock its biggest holding. Contravisory Investment Management Inc.’s holdings in Spotify Technology were worth $12,822,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Spotify Technology by 30.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after acquiring an additional 18,731 shares in the last quarter. TD Asset Management Inc boosted its holdings in Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after acquiring an additional 12,192 shares in the last quarter. Perpetual Ltd boosted its holdings in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Spotify Technology by 121.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock worth $2,322,000 after acquiring an additional 4,060 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Spotify Technology in the first quarter valued at approximately $342,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 1.1 %

SPOT opened at $377.97 on Friday. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $389.23. The company has a market cap of $75.23 billion, a P/E ratio of 154.27 and a beta of 1.58. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $346.69 and its 200-day moving average price is $317.73.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the previous year, the business earned ($1.69) EPS. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. On average, equities analysts expect that Spotify Technology S.A. will post 6.24 EPS for the current year.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent research reports. Evercore ISI raised their target price on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a report on Monday. UBS Group raised their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, KeyCorp increased their price target on Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $359.14.

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.