Lazard Freres Gestion S.A.S. Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Lazard Freres Gestion S.A.S. bought a new stake in Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 7,400 shares of the company’s stock, valued at approximately $2,727,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Brooklyn Investment Group acquired a new position in Spotify Technology during the 3rd quarter worth approximately $69,000. FMR LLC raised its stake in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the period. Dai ichi Life Insurance Company Ltd lifted its position in shares of Spotify Technology by 1.6% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 22,394 shares of the company’s stock worth $8,253,000 after purchasing an additional 351 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Spotify Technology by 123.8% in the third quarter. Bank of Montreal Can now owns 312,726 shares of the company’s stock valued at $115,458,000 after purchasing an additional 172,985 shares during the period. Finally, Canton Hathaway LLC grew its holdings in Spotify Technology by 18.6% during the 3rd quarter. Canton Hathaway LLC now owns 2,296 shares of the company’s stock valued at $846,000 after purchasing an additional 360 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SPOT shares. Morgan Stanley upped their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. KeyCorp increased their target price on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Macquarie lifted their target price on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Barclays upped their price target on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, TD Cowen lifted their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded down $2.96 on Tuesday, hitting $478.42. The company had a trading volume of 119,482 shares, compared to its average volume of 2,052,988. Spotify Technology S.A. has a 52 week low of $179.66 and a 52 week high of $489.69. The company has a market cap of $95.23 billion, a PE ratio of 130.39 and a beta of 1.56. The business has a 50-day simple moving average of $394.43 and a 200-day simple moving average of $345.87.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the business posted $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal 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.